GBP/USD – 1H – SELLThe currency pair British Pound/US Dollar (GBP/USD) goes from the bullish trendline downwards
A descending movement down to the next support line at 1.25246 will continue.
Caution: A possible counter-trend in the direction of the resistance line at 1.27459 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ chart pattern is existing. The candles form ‘Bearish Engulfing’. which is a negative 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’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27686 |
| 2nd High | 1.27498 |
| Next High | 1.27459 |
| Current Price | 1.26373 |
| Next Low | 1.25246 |
| 2nd Low | 1.25067 |
| 3rd Low | 1.24870 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing