GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the bearish trendline down.
A continuation of the downward movement downwards to the next support at 1.23521 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.25690 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Belt Hold’ candlestick pattern is found. The chart shows ‘Bearish Belt Hold’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26136 |
| 2nd High | 1.26073 |
| Next High | 1.25690 |
| Current Price | 1.25204 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Belt Hold