GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support at 1.32118 is certain.
Caution: A possible counter-trend in the direction of the resistance level at 1.33446 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Last Engulfing Top’ candle chart pattern is detected. The candles show ‘Last Engulfing Top’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.33767 |
| 2nd High | 1.33558 |
| Next High | 1.33446 |
| Current Price | 1.33136 |
| Next Low | 1.32118 |
| 2nd Low | 1.32024 |
| 3rd Low | 1.31637 |
1.33446 – 1.33558 – 1.33767 – 1.32118 – 1.32409 – 1.32797
Trading Signals: FOREX – GBP – GBP/USD – USD – Last Engulfing Top