GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support line at 1.26228 will persist.
Caution: A possible trend reversal in the direction of the resistance line at 1.26595 is within the realm of possibility.
Consider stop-loss settings accordingly.
Also there is a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bearish Engulfing’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27202 |
| 2nd High | 1.27142 |
| Next High | 1.26595 |
| Current Price | 1.26176 |
| Next Low | 1.26228 |
| 2nd Low | 1.26132 |
| 3rd Low | 1.26127 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing