GBP/USD – 1H – 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 1.24870 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 1.26595 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Current target is 1.25406192 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support level at 1.26595 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. 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 | 1.27202 |
| 2nd High | 1.27142 |
| Next High | 1.26595 |
| Current Price | 1.25711 |
| Next Low | 1.24870 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing