GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the descending trendline down.
A continuation of the bearish trend downwards to the next support level at 1.27357 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.27654 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Current target is 1.27387784 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of support at 1.27654 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bearish Engulfing’ candle pattern is existing. The candles show ‘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’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28109 |
| 2nd High | 1.27988 |
| Next High | 1.27654 |
| Current Price | 1.27430 |
| Next Low | 1.27357 |
| 2nd Low | 1.27165 |
| 3rd Low | 1.26296 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing