GBP/USD – 1H – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the bearish trendline down.
A continuation of the downtrend down to the next support level at 1.25184 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.25743 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bearish Engulfing’ candle pattern is detected. The candles show ‘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 likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26666 |
| 2nd High | 1.26136 |
| Next High | 1.25743 |
| Current Price | 1.25073 |
| Next Low | 1.25184 |
| 2nd Low | 1.25093 |
| 3rd Low | 1.24744 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing