Bearish Engulfing on GBP/USD

Bearish Engulfing on GBP/USD

The current technical pattern indicates the correction of the GBP/USD currency pair after a rather protracted rally. The risks of the trade war have weakened once again, which supports the demand for the US dollar. At the moment, near the local resistance level of 1.42400, a classic Price Action pattern of Bearish Engulfing (H1 timeframe H1), which acts as a reversal formation, has been formed. The price is testing the local support level of 1.41900. We recommend you to pay attention to this situation.

If the price fixes below the level of 1.41900, you need to look for entry points to the market to open short positions. The immediate goal of profit taking is 1.41400. In the medium term, the GBP/USD currency pair may reach a "mirror" support level of 1.40850. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.03.27

Este artículo representa una opinión personal y no debe interpretarse como un consejo de inversión, y/u oferta, y/o una petición persistente para llevar a cabo transacciones financieras, y/o una garantía, y/o un pronóstico de eventos futuros.

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