GBP/USD – 30M – SELLThe pair British Pound/US Dollar (GBP/USD) goes from the bullish trendline down.
A descending movement down to the next support at 1.26794 is considered certain.
Caution: A possible change in the direction of the resistance level at 1.26940 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is found. The chart forms ‘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 probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27202 |
| 2nd High | 1.27142 |
| Next High | 1.26940 |
| Current Price | 1.26922 |
| Next Low | 1.26794 |
| 2nd Low | 1.26448 |
| 3rd Low | 1.25663 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing