GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) jumps from the bearish trendline downwards
A continuation of the downtrend down to the next support line at 1.25065 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 1.26073 should always be considered.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candle chart pattern is existing. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The 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 | 1.26666 |
| 2nd High | 1.26136 |
| Next High | 1.26073 |
| Current Price | 1.25509 |
| Next Low | 1.25065 |
| 2nd Low | 1.25045 |
| 3rd Low | 1.25010 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing