GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the descending trendline downwards
A continuation of the bearish trend downwards to the next support at 1.26660 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 1.27283 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candlestick pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. 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 | 1.27988 |
| 2nd High | 1.27873 |
| Next High | 1.27283 |
| Current Price | 1.26908 |
| Next Low | 1.26660 |
| 2nd Low | 1.26067 |
| 3rd Low | 1.25246 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing