GBP/USD – 1H – SELLThe currency pair British Pound/US Dollar (GBP/USD) goes from the bullish trendline downwards
A bearish trend down to the next support line at 1.25093 is likely expected.
Caution: A possible change in the direction of the resistance line at 1.26136 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bearish Engulfing’ candle pattern is found. The chart shows ‘Bearish Engulfing’. which is a bearish pattern 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’ going 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