GBP/USD – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 1-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 1.25586138 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the support zone at 1.25743 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is detected. The chart forms ‘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 likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26136 |
| 2nd High | 1.25878 |
| Next High | 1.25743 |
| Current Price | 1.25602 |
| Next Low | 1.25045 |
| 2nd Low | 1.25010 |
| 3rd Low | 1.24744 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing