Bearish Engulfing on GBP/USD

Bearish Engulfing on GBP/USD

Since the beginning of this month, the bearish sentiment prevails on GBP/USD. During this period, the pound weakened against the US dollar by more than 400 points. The trading instrument has the potential to further reduction. Near the round level of 1.28000, the Price Action pattern, Bearish Engulfing, was formed (D1 timeframe).

If the price fixes below 1.28000, we recommend considering sales of GBP/USD. The immediate goal for profit taking is the "mirror" support of 1.27250. In the medium term, the currency can reach a round level of 1.26000. Confirmations and entry points to the market should be looked for on the lower timeframes.

by JustForex, 2017.08.23

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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