Sell GBP/USD – 4H – SELL

The combination British Pound/US Dollar (GBP/USD) jumps from the descending trendline downwards

A continuation of the downtrend downwards to the next support line at 1.23521 is expected.

Caution: A possible reversal of the trend in the direction of the resistance zone at 1.26073 is also possible.
Please make appropriate stop-loss settings in the case of a trade.

Moreover a ‘Bearish Engulfing’ chart pattern is discovered. The candles form ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.

Support & Resistance Price Range*
3rd High 1.27873
2nd High 1.27283
Next High 1.26073
Current Price 1.25262
Next Low 1.23521
2nd Low
3rd Low

Download GBP/USD Signal Image

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