GBP/USD – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Current target is 1.252771 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support level at 1.26164 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candle pattern is detected. The candles form ‘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 likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27142 |
| 2nd High | 1.26595 |
| Next High | 1.26164 |
| Current Price | 1.25677 |
| Next Low | 1.25246 |
| 2nd Low | 1.25067 |
| 3rd Low | 1.24870 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing