GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the bullish trendline downwards
A bearish trend down to the next support at 1.26362 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 1.26993 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Current target is 1.266965 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support zone at 1.26993 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ candlestick pattern is detected. The candles form ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability 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 | 1.26815 |
| Next Low | 1.26362 |
| 2nd Low | 1.26171 |
| 3rd Low | 1.25663 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing