GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) goes from the bearish trendline down.
A continuation of the bearish trend down to the next support level at 1.21380 is certain.
Caution: A possible counter-trend in the direction of the resistance line at 1.22146 should always be considered.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ candlestick pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.22498 |
| 2nd High | 1.22456 |
| Next High | 1.22146 |
| Current Price | 1.21974 |
| Next Low | 1.21380 |
| 2nd Low | 1.20991 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing