GBP/USD – 30M – SELLThe pair British Pound/US Dollar (GBP/USD) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 1.25184 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.25501 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candle chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. 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 | 1.25878 |
| 2nd High | 1.25743 |
| Next High | 1.25501 |
| Current Price | 1.25438 |
| Next Low | 1.25184 |
| 2nd Low | 1.25093 |
| 3rd Low | 1.24744 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing