GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) moves from the ascending trendline downwards
The bearish trend downwards to the next support at 1.26296 is expected.
Caution: A possible counter-trend in the direction of resistance at 1.27705 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bearish Engulfing’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30476 |
| 2nd High | 1.30091 |
| Next High | 1.27705 |
| Current Price | 1.27598 |
| Next Low | 1.26296 |
| 2nd Low | 1.26171 |
| 3rd Low | 1.25246 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing