GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) jumps from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 1.25184 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.25501 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Engulfing’ chart pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.25878 |
| 2nd High | 1.25743 |
| Next High | 1.25501 |
| Current Price | 1.25141 |
| Next Low | 1.25184 |
| 2nd Low | 1.25093 |
| 3rd Low | 1.24744 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing