GBP/USD – 1H – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline down.
A continuation of the downward movement downwards to the next support line at 1.20991 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 1.22498 is within the realm of possibility.
Consider stop-loss settings accordingly.
Then a ‘Bearish Belt Hold’ candlestick chart pattern is existing. The candles show ‘Bearish Belt Hold’. which is a negative pattern 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 | 1.24938 |
| 2nd High | 1.23218 |
| Next High | 1.22498 |
| Current Price | 1.21773 |
| Next Low | 1.20991 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Belt Hold