GBP/USD – 1H – BUYThe currency pair British Pound/US Dollar (GBP/USD) moves from the descending trendline down.
A continuation of the downtrend down to the next support level at 1.26296 will continue.
Caution: A possible change in the direction of the resistance level at 1.27873 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Matching Low’ chart pattern is discovered. The candles show ‘Matching Low’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28109 |
| 2nd High | 1.27988 |
| Next High | 1.27873 |
| Current Price | 1.26273 |
| Next Low | 1.26296 |
| 2nd Low | 1.26171 |
| 3rd Low | 1.25246 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Matching Low