GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support level at 1.25093 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.26136 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Bearish Engulfing’ chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27253 |
| 2nd High | 1.26666 |
| Next High | 1.26136 |
| Current Price | 1.25310 |
| Next Low | 1.25093 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing