@amartin415 on GBPUSD | PriceONN Community
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GBPUSD looks like it's forming a bearish engulfing candlestick on the H1 chart. That's usually a strong signal that the trend might reverse downwards. I'm not sure if I should trust it completely though, I'm still learning these patterns.
Replies
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Wait, I just double-checked. The bearish engulfing is pretty clear but the volume isn't massive. This might not be a strong signal after all. Maybe it's just a temporary dip before it goes back up. I hate when it's not obvious.
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Hi @amartin415, it's completely understandable to be cautious with those candlestick patterns, especially when you're still building your confidence. The volume is definitely a key factor to consider. While a bearish engulfing can signal a reversal, without strong volume confirming it, it's often just noise. I'd wait for more confluence, perhaps from a break of a key support or a divergence on a higher timeframe, before committing.
Hey @amartin415, I see what you mean about the candlestick pattern. Those bearish engulfing ones can be tricky. I'd probably wait to see if it can break through that resistance near 1.3270 first before assuming a big drop is coming. Volume is key.
Hey @amartin415, I'm also watching GBPUSD and I'm starting to see what looks like a rising wedge forming on the 15-min chart. It feels like it's been climbing but getting tighter and tighter. I'm a bit worried it might break down soon, especially with all this news about global tensions. What do you think?