GBP/USD – 30M – SELLThe combination British Pound/US Dollar (GBP/USD) goes from the bearish trendline down.
A continuation of the bearish trend downwards to the next support line at 1.32321 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.32823 is within the realm of possibility.
Consider stop-loss settings accordingly.
Besides a ‘Last Engulfing Bottom:’ candle pattern is detected. The candles show ‘Last Engulfing Bottom:’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.33471 |
| 2nd High | 1.33322 |
| Next High | 1.32823 |
| Current Price | 1.31849 |
| Next Low | 1.32321 |
| 2nd Low | 1.32299 |
| 3rd Low | 1.32178 |
1.32823 – 1.33322 – 1.33471 – 1.32321 – 1.33215 – 1.33584 —
1.31880 – 1.31966 —
21.321632902546 – 32.122039912565 —
– —
1.32823 – 1774861200
Trading Signals: FOREX – GBP – GBP/USD – USD – Last Engulfing Bottom: – – – – – – – – –