GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) breaks through the bearish trendline upwards
A bullish ascent upwards to the next resistance line at 1.26136 is expected.
Caution: A possible counter-trend in the direction of support at 1.24744 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bullish Engulfing’ candle pattern is existing. The chart forms ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27181 |
| 2nd High | 1.26666 |
| Next High | 1.26136 |
| Current Price | 1.25700 |
| Next Low | 1.24744 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bullish Engulfing