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Intraday commentary on patterns

GBPUSD Bearish Engulfing Hourly Chart

Mon, Jul 16 2012, 07:24 GMT
by Mark De La Paz | FX Instructor

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Resistance: 1.5570 minor/1.5624 minor

Support: 1.5500 moderate/1.5446 strong/1.5376 moderate

We have a moderately credible bearish reversal pattern, Bearish Engulfing in Hourly GBPUSD charts. With prices under a minor resistance look for a possible technical correction, stops just over 1.5570 the immediate objective 1.5500 break of which sees the Pivot Point as its target.

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 Mon, Jul 16 2012, 07:25 GMT Previous entries

Mark De La Paz

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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.

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Intraday commentary on patterns

GBPUSD Bearish Engulfing Hourly Chart

Daily Live Trading Room

Mark De La Paz

Also Read

Legal disclaimer and risk disclosure

Tracing the Debt Crisis

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