GBP/USD – 30M – BUYThe pair British Pound/US Dollar (GBP/USD) jumps from the descending trendline downwards
A continuation of the downward movement downwards to the next support line at 1.26378 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 1.26702 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Current target is 1.26484172 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support level at 1.26702 should always be considered.
Consider stop-loss settings accordingly.
Additionally a ‘Matching Low’ chart pattern is discovered. The candles show ‘Matching Low’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27459 |
| 2nd High | 1.27222 |
| Next High | 1.26702 |
| Current Price | 1.26635 |
| Next Low | 1.26378 |
| 2nd Low | 1.26171 |
| 3rd Low | 1.25663 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Matching Low