GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) jumps from the ascending trendline downwards
A bearish movement down to the next support at 1.26296 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 1.27406 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bearish Engulfing’ candlestick pattern is detected. The chart forms ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27498 |
| 2nd High | 1.27459 |
| Next High | 1.27406 |
| Current Price | 1.27441 |
| Next Low | 1.26296 |
| 2nd Low | 1.26171 |
| 3rd Low | 1.25663 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing