Resistance: 1.5685 moderate/1.5739 minor/1.5823 minor
Support: 1.5601 strong/1.5547 moderate/1.5463 minor
GBPUSD is generally bullish with Hourly Bearish Engulfing occurring near a strong support level at 1.5601, the Pivot Point. With the pivot directly beneath us a close under 1.5601 has to be seen before jumping short. The immediate object will be 1.5547 break of which suggest you have a tanking market with 1.5463 as its target. Stops should be placed above the Pivot Point or alternatively the patterns high.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices