GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) breaks through the descending trendline up.
An ascending movement upwards to the next resistance level at 1.27988 will persist.
Caution: A possible counter-trend in the direction of the support zone at 1.27235 should always be considered.
Consider stop-loss settings accordingly.
And also a ‘Bearish SBS White Lines’ candle pattern is existing. The chart forms ‘Bearish SBS White Lines’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish SBS White Lines’ going down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28732 |
| 2nd High | 1.28109 |
| Next High | 1.27988 |
| Current Price | 1.27665 |
| Next Low | 1.27235 |
| 2nd Low | 1.27165 |
| 3rd Low | 1.26296 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish SBS White Lines