GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) moves from the ascending trendline down.
A descent down to the next support at 1.27211 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.28109 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bearish Engulfing’ candle pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30476 |
| 2nd High | 1.30091 |
| Next High | 1.28109 |
| Current Price | 1.27641 |
| Next Low | 1.27211 |
| 2nd Low | 1.26296 |
| 3rd Low | 1.26171 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing