GBP/USD – 1H – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline downwards
A continuation of the downtrend down to the next support at 1.26795 is expected.
Caution: A possible trend reversal in the direction of resistance at 1.27253 is also possible.
Consider stop-loss settings accordingly.
Then a ‘Evening Star’ candle chart pattern is discovered. The chart forms ‘Evening Star’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Evening Star’ going down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27873 |
| 2nd High | 1.27283 |
| Next High | 1.27253 |
| Current Price | 1.25940 |
| Next Low | 1.26795 |
| 2nd Low | 1.26660 |
| 3rd Low | 1.26067 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Evening Star