Feedback

Intraday commentary on patterns

GBPUSD Bearish Engulfing 4-Hour Chart

Fri, Jul 6 2012, 14:01 GMT
by Mark De La Paz | FX Instructor

Daily Live Trading Room

See our charts, hear our voice and ask us questions, 5 days/week, during Asian, UK & US sessions. Stop trading alone - join us! Just $29.95 per month.

Resistance: 1.5547 strong/1.5596 moderate/1.5671 minor

Support: 1.5472 moderate/1.5424 minor/1.5349 minor

GBPUSD has a bias for the sell-side. 4-Hour charts also have a Bearish Engulfing confirming market direction though proximity to a moderate support at 1.5472 suggests we should wait for a close below it before jumping short. The immediate target of any sell-off is 1.5424 break of which sees 1.5349. Stops should be placed above the pattern high.

Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices

Published On Fri, Jul 6 2012, 14:16 GMT Previous entries

Mark De La Paz

Follow Follow my activity on FXstreet.com FX Instructor website

Mark's interest in financial markets has been an ongoing affair, starting from college, where he dabbled in the local equity markets with his college fund. Finishing his BA in Public Administration, Mark remained passionate about trading, and started out working in the niche brokerage business among bank traders.

More articles by this author

Also Read

GBP/USD: Challenging the support at 1.5027
MIG Bank
GBPUSD has a tiny triple bottom
ForexTrading.TV
The IMF warned that UK faces low growth
IronFX (Australia) Pty Ltd
GBP/USD falls down to 1.5012/1.4989
Dukascopy Bank SA
The Asian stock indexes suffered
CME Group

Advertisement

Legal disclaimer and risk disclosure

The information has been prepared for information purposes only. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. This information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. FXInstructor LLC assumes no responsibilities for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon this information. FXInstructor LLC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXInstructor LLC shall not be liable for any indirect, incidental, or consequential damages including without limitation losses, lost revenues or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results

JOIN OUR PREMIUM SESSION!

Trading Clinic: USD/JPY with Steve Ruffley

Join webinar

Traders Tools

Forex Studies

Monitor the markets with our customizable FX studies.

Economic Calendar

Live economic events calendar

more tools

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Intraday commentary on patterns

GBPUSD Bearish Engulfing 4-Hour Chart

Daily Live Trading Room

Mark De La Paz

Also Read

Legal disclaimer and risk disclosure

JOIN OUR PREMIUM SESSION!

Related Content

Most Popular Content

Traders Tools

Interested in forex trading?

Rates & Charts

News

Webinars

Education

Technical

Fundamental

Other

Full Sitemap

Stay Connected