GBP/USD – 4H – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the ascending trendline down.
A bearish trend down to the next support at 1.24744 is certain.
Caution: A possible counter-trend in the direction of the resistance line at 1.27283 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28109 |
| 2nd High | 1.27873 |
| Next High | 1.27283 |
| Current Price | 1.25238 |
| Next Low | 1.24744 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing