GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the ascending trendline down.
A bearish movement downwards to the next support line at 1.27128 will persist.
Caution: A possible change in the direction of the resistance level at 1.27813 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ chart pattern is discovered. The chart shows ‘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 | 1.27813 |
| Current Price | 1.27477 |
| Next Low | 1.27128 |
| 2nd Low | 1.26296 |
| 3rd Low | 1.26171 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing