GBP/USD – 1H – SELLThe currency pair British Pound/US Dollar (GBP/USD) goes from the bullish trendline down.
A bearish descent downwards to the next support at 1.27235 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 1.27988 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bearish Engulfing’ chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30091 |
| 2nd High | 1.28109 |
| Next High | 1.27988 |
| Current Price | 1.27335 |
| Next Low | 1.27235 |
| 2nd Low | 1.27165 |
| 3rd Low | 1.26296 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing