GBP/USD – 1H – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the bearish trendline down.
A continuation of the bearish trend downwards to the next support line at 1.25010 will continue.
Caution: A possible trend reversal in the direction of resistance at 1.25743 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The candles show ‘Bearish Engulfing’. which is a bearish 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 | 1.26666 |
| 2nd High | 1.26136 |
| Next High | 1.25743 |
| Current Price | 1.25233 |
| Next Low | 1.25010 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing