GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline downwards
A continuation of the downtrend downwards to the next support level at 1.26378 will continue.
Caution: A possible change in the direction of resistance at 1.26969 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Matching Low’ candlestick pattern is existing. The chart shows ‘Matching Low’. which is a positive 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 ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27459 |
| 2nd High | 1.27222 |
| Next High | 1.26969 |
| Current Price | 1.26642 |
| Next Low | 1.26378 |
| 2nd Low | 1.26171 |
| 3rd Low | 1.25663 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Matching Low