GBP/USD – 30M – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the descending trendline upwards
A bullish ascent upwards to the next resistance at 1.23218 will continue.
Caution: A possible reversal of the trend in the direction of the support line at should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bullish Belt Hold’ chart pattern is found. The candles form ‘Bullish Belt Hold’. which is a positive 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 ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.23768 |
| 2nd High | 1.23229 |
| Next High | 1.23218 |
| Current Price | 1.21239 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bullish Belt Hold