GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) jumps from the bearish trendline downwards
A continuation of the downtrend down to the next support line at 1.35204 will continue.
Caution: A possible counter-trend in the direction of resistance at 1.35943 is also possible.
Consider stop-loss settings accordingly.
Additionally a ‘Last Engulfing Top’ chart pattern is existing. The chart shows ‘Last Engulfing Top’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.36809 |
| 2nd High | 1.36577 |
| Next High | 1.35943 |
| Current Price | 1.35524 |
| Next Low | 1.35204 |
| 2nd Low | 1.33699 |
| 3rd Low | 1.33344 |
1.35943 – 1.35914 – 1.36577 – 1.35204 – 1.35595 – 1.36345 — 60.077820950844 – 55.543464807999 — 66.120545489323 – 71.842285490657 – 65.034087087794 – 66.690446267805
Trading Signals: FOREX – GBP – GBP/USD – USD – Last Engulfing Top – – –