GBP/USD – 1H – SELLThe pair British Pound/US Dollar (GBP/USD) jumps from the ascending trendline down.
A descending movement downwards to the next support level at 1.23521 is considered certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.25754 should be noted.
Consider stop-loss settings accordingly.
Then a ‘Bearish Belt Hold’ candle chart pattern is found. The chart forms ‘Bearish Belt Hold’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26136 |
| 2nd High | 1.26073 |
| Next High | 1.25754 |
| Current Price | 1.24680 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Belt Hold