GBP/USD – 1H – SELLThe pair British Pound/US Dollar (GBP/USD) goes from the ascending trendline down.
A descent downwards to the next support line at 1.25093 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 1.26136 could happen.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ candle chart pattern is found. The candles show ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27253 |
| 2nd High | 1.26666 |
| Next High | 1.26136 |
| Current Price | 1.25291 |
| Next Low | 1.25093 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing