GBP/USD – 1H – BUY

The combination British Pound/US Dollar (GBP/USD) breaks through the descending trendline upwards

An ascent upwards to the next resistance level at 1.33246 is expected.

Caution: A possible counter-trend in the direction of the support level at 1.31626 is also possible.
In the case of a trade, always set appropriate stop-loss settings.

Correction of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend is expected. Current target is 1.331165 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the resistance line at 1.33246 is also possible.
In the case of a trade, always set appropriate stop-loss settings.

And also a ‘Inverted Hammer’ candlestick pattern is discovered. The chart forms ‘Inverted Hammer’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Inverted Hammer’ heading up is 65% (Bull Market).

1.33246 – 1.34336 – 1.34426 – 1.31626 – 1.32618 – 1.33902 —
1.32325 – 1.32351 —
51.60100869847 – 47.133051756891 —
– —
1.33246 – 1781773200

Trading Signals: FOREX – GBP – GBP/USD – USD – Inverted Hammer – – – – – – – – –