GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the bullish trendline down.
A descending movement downwards to the next support level at 1.25093 is certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.26136 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ chart pattern is existing. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27253 |
| 2nd High | 1.26666 |
| Next High | 1.26136 |
| Current Price | 1.25291 |
| Next Low | 1.25093 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing