GBP/USD – 1H – SELLThe currency pair British Pound/US Dollar (GBP/USD) jumps from the bearish trendline downwards
A continuation of the downward movement downwards to the next support at 1.24870 is likely expected.
Caution: A possible change in the direction of resistance at 1.26595 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is detected. The candles form ‘Bearish Engulfing’. which is a negative 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 | 1.25925 |
| Next Low | 1.24870 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing