GBP/USD – 1H – SELLThe pair British Pound/US Dollar (GBP/USD) moves from the ascending trendline down.
A bearish descent down to the next support at 1.25184 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.25743 should be noted.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Current target is 1.24744 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the support line at 1.25743 should be noted.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ candlestick pattern is detected. The candles form ‘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 probability 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 | 1.25299 |
| Next Low | 1.25184 |
| 2nd Low | 1.25093 |
| 3rd Low | 1.24744 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing