GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) jumps from the bullish trendline down.
A descent downwards to the next support line at 1.25663 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.27253 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bullish Engulfing’ chart pattern is discovered. The chart forms ‘Bullish Engulfing’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27873 |
| 2nd High | 1.27283 |
| Next High | 1.27253 |
| Current Price | 1.25760 |
| Next Low | 1.25663 |
| 2nd Low | 1.25246 |
| 3rd Low | 1.25067 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bullish Engulfing