GBP/USD – 4H – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the bullish trendline downwards
A bearish movement downwards to the next support level at 1.24744 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.27283 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bearish Engulfing’ chart pattern is existing. The candles show ‘Bearish Engulfing’. this is a bearish pattern 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 | 1.28109 |
| 2nd High | 1.27873 |
| Next High | 1.27283 |
| Current Price | 1.25267 |
| Next Low | 1.24744 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing