GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) goes from the ascending trendline downwards
The bearish trend down to the next support at 1.26733 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.26979 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ candle chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability 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 | 1.26889 |
| Next Low | 1.26733 |
| 2nd Low | 1.26354 |
| 3rd Low | 1.26067 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing