GBP/USD – 1H – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the ascending trendline downwards
The bearish trend down to the next support line at 1.25093 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 1.26136 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candle pattern is detected. The chart forms ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘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