GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the descending trendline downwards
A continuation of the bearish trend down to the next support level at 1.3211 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 1.32848 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Last Engulfing Bottom:’ candle pattern is found. The candles form ‘Last Engulfing Bottom:’. this is a bearish 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 ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.33459 |
| 2nd High | 1.33198 |
| Next High | 1.32848 |
| Current Price | 1.32392 |
| Next Low | 1.3211 |
| 2nd Low | 1.31779 |
| 3rd Low | 1.31586 |
1.32848 – 1.32681 – 1.32589 – 1.3211 – 1.32176 – 1.31779 —
1.32470 – 1.32664 —
49.737065691416 – 51.765069344924 —
– —
1.32848 – 1775561400
Trading Signals: FOREX – GBP – GBP/USD – USD – Last Engulfing Bottom: – Rising Wedge Chart Pattern – – – – – – – –