GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline downwards
A continuation of the downtrend downwards to the next support at 1.26988 is expected.
Caution: A possible change in the direction of the resistance zone at 1.27283 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27988 |
| 2nd High | 1.27873 |
| Next High | 1.27283 |
| Current Price | 1.27035 |
| Next Low | 1.26988 |
| 2nd Low | 1.26660 |
| 3rd Low | 1.26354 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing