GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the ascending trendline downwards
A bearish descent downwards to the next support line at 1.26660 will persist.
Caution: A possible counter-trend in the direction of resistance at 1.26979 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart forms ‘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 | 1.27873 |
| 2nd High | 1.26984 |
| Next High | 1.26979 |
| Current Price | 1.27034 |
| Next Low | 1.26660 |
| 2nd Low | 1.26354 |
| 3rd Low | 1.26067 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing