GBP/USD – 30M – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the bullish trendline downwards
A bearish trend down to the next support level at 1.27315 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.27705 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candle chart pattern is discovered. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. 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 | 1.29253 |
| 2nd High | 1.28732 |
| Next High | 1.27705 |
| Current Price | 1.27548 |
| Next Low | 1.27315 |
| 2nd Low | 1.26296 |
| 3rd Low | 1.26171 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing