GBP/USD – 1H – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support at 1.26305 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 1.26595 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bearish Engulfing’ candle pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27202 |
| 2nd High | 1.27142 |
| Next High | 1.26595 |
| Current Price | 1.26370 |
| Next Low | 1.26305 |
| 2nd Low | 1.26132 |
| 3rd Low | 1.25975 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing