GBP/USD – 30M – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the bullish trendline downwards
A bearish trend down to the next support level at 1.26733 is certain.
Caution: A possible counter-trend in the direction of the resistance level at 1.26984 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is certain. Target of the current trend is 1.26493216 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support level at 1.26984 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is discovered. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27988 |
| 2nd High | 1.27873 |
| Next High | 1.26984 |
| Current Price | 1.26884 |
| Next Low | 1.26733 |
| 2nd Low | 1.26354 |
| 3rd Low | 1.26067 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing