GBP/USD – 1H – BUYThe currency pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline down.
A continuation of the downtrend downwards to the next support at 1.23521 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.25401 could happen.
Consider stop-loss settings accordingly.
Additionally a ‘Shooting Star’ candle chart pattern is detected. The candles show ‘Shooting Star’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26073 |
| 2nd High | 1.25690 |
| Next High | 1.25401 |
| Current Price | 1.25342 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Shooting Star