GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) moves from the descending trendline downwards
A continuation of the downward movement down to the next support at 1.25093 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.26136 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Evening Star’ candlestick chart pattern is existing. The chart shows ‘Evening Star’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27253 |
| 2nd High | 1.26666 |
| Next High | 1.26136 |
| Current Price | 1.25343 |
| Next Low | 1.25093 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Evening Star