GBP/USD – 1H – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the descending trendline upwards
A bullish ascent upwards to the next resistance at 1.27142 is expected.
Caution: A possible trend reversal in the direction of the support zone at 1.26305 is within the realm of possibility.
Consider stop-loss settings accordingly.
Furthermore a ‘Bullish Engulfing’ chart pattern is detected. The candles show ‘Bullish Engulfing’. 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 ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27686 |
| 2nd High | 1.27202 |
| Next High | 1.27142 |
| Current Price | 1.26382 |
| Next Low | 1.26305 |
| 2nd Low | 1.26132 |
| 3rd Low | 1.25975 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bullish Engulfing