GBP/USD – 4H – SELLThe pair British Pound/US Dollar (GBP/USD) moves from the bullish trendline down.
A descending movement downwards to the next support line at 1.26171 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 1.28109 could be enabled.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ candlestick pattern is found. The chart shows ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to go down. 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 | 1.30708 |
| 2nd High | 1.30476 |
| Next High | 1.28109 |
| Current Price | 1.27400 |
| Next Low | 1.26171 |
| 2nd Low | 1.24870 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing