GBP/USD – 1H – SELLThe currency pair British Pound/US Dollar (GBP/USD) goes from the ascending trendline downwards
A bearish descent down to the next support at 1.26448 is certain.
Caution: A possible trend reversal in the direction of resistance at 1.27498 could occur.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Engulfing’ chart pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a bearish chart scenario. The 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 | 1.30091 |
| 2nd High | 1.27686 |
| Next High | 1.27498 |
| Current Price | 1.27338 |
| Next Low | 1.26448 |
| 2nd Low | 1.25246 |
| 3rd Low | 1.25067 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing