GBP/USD – 1H – BUYThe pair British Pound/US Dollar (GBP/USD) breaks through the descending trendline up.
An ascending movement up to the next resistance line at 1.26423 is certain.
Caution: A possible reversal of the trend in the direction of support at 1.25975 should always be considered.
Consider stop-loss settings accordingly.
And also a ‘Bullish Engulfing’ candle chart pattern is found. The chart shows ‘Bullish Engulfing’. this is a bullish pattern signal. The 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 | 1.27202 |
| 2nd High | 1.26966 |
| Next High | 1.26423 |
| Current Price | 1.26309 |
| Next Low | 1.25975 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bullish Engulfing