GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline down.
A continuation of the bearish trend downwards to the next support level at 1.26470 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 1.27202 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is likely expected. Current target is 1.26296 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the support level at 1.27202 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart forms ‘Bearish Engulfing’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28732 |
| 2nd High | 1.27686 |
| Next High | 1.27202 |
| Current Price | 1.26501 |
| Next Low | 1.26470 |
| 2nd Low | 1.26296 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing