GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) breaks through the descending trendline upwards
A bullish ascent up to the next resistance at 1.26666 is expected.
Caution: A possible trend reversal in the direction of the support zone at 1.24744 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Three Outside Up’ candlestick pattern is discovered. The chart forms ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27253 |
| 2nd High | 1.27181 |
| Next High | 1.26666 |
| Current Price | 1.25850 |
| Next Low | 1.24744 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up