GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline downwards
A continuation of the downtrend downwards to the next support line at 1.25067 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 1.26132 is within the realm of possibility.
Consider stop-loss settings accordingly.
Also there is a ‘Bearish Engulfing’ candle pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a bearish pattern 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 | 1.26595 |
| 2nd High | 1.26573 |
| Next High | 1.26132 |
| Current Price | 1.25752 |
| Next Low | 1.25067 |
| 2nd Low | 1.24870 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing