GBP/USD – 1H – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the descending trendline up.
A bullish ascent up to the next resistance line at 1.26993 is certain.
Caution: A possible change in the direction of the support level at 1.26362 should always be considered.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is certain. Current target is 1.27214022 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the resistance zone at 1.26993 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Three White Soldiers’ candlestick chart pattern is found. The candles show ‘Three White Soldiers’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27459 |
| 2nd High | 1.27222 |
| Next High | 1.26993 |
| Current Price | 1.26963 |
| Next Low | 1.26362 |
| 2nd Low | 1.26171 |
| 3rd Low | 1.25246 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three White Soldiers