GBP/USD – 30M – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the descending trendline down.
A continuation of the downtrend down to the next support at 1.25010 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 1.25359 could occur.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ candle chart pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative 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 | 1.25743 |
| 2nd High | 1.25501 |
| Next High | 1.25359 |
| Current Price | 1.25255 |
| Next Low | 1.25010 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing