GBP/USD – 1H – SELLThe pair British Pound/US Dollar (GBP/USD) goes from the ascending trendline down.
The bearish trend downwards to the next support level at 1.22381 will continue.
Caution: A possible change in the direction of the resistance level at 1.24938 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bearish Belt Hold’ candlestick chart pattern is existing. The candles show ‘Bearish Belt Hold’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26073 |
| 2nd High | 1.25754 |
| Next High | 1.24938 |
| Current Price | 1.23002 |
| Next Low | 1.22381 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Belt Hold