GBP/USD – 1H – SELLThe combination British Pound/US Dollar (GBP/USD) moves from the bearish trendline downwards
A continuation of the bearish trend down to the next support level at is considered certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.25690 could occur.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Belt Hold’ candlestick pattern is found. The candles show ‘Bearish Belt Hold’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26136 |
| 2nd High | 1.26073 |
| Next High | 1.25690 |
| Current Price | 1.24199 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Belt Hold