GBP/USD – 4H – SELLThe pair British Pound/US Dollar (GBP/USD) moves from the descending trendline down.
A continuation of the downtrend down to the next support at 1.34337 is certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.37116 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The currency 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 | 1.38686 |
| 2nd High | 1.37327 |
| Next High | 1.37116 |
| Current Price | 1.35141 |
| Next Low | 1.34337 |
| 2nd Low | 1.34008 |
| 3rd Low | 1.33383 |
1.37116 – 1.37 – 1.37327 – 1.34337 – 1.359 – 1.35081 —
1.35242 – 1.35620 —
53.374275711157 – 50.986353395519 —
– —
1.37116 – 1770811200
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing – – – – – – – – –