GBP/USD – 1H – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the ascending trendline downwards
The bearish trend downwards to the next support line at 1.26362 is expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.26993 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Engulfing’ candle chart pattern is detected. The candles form ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27459 |
| 2nd High | 1.27222 |
| Next High | 1.26993 |
| Current Price | 1.26808 |
| Next Low | 1.26362 |
| 2nd Low | 1.26171 |
| 3rd Low | 1.25246 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing