GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) moves from the ascending trendline downwards
A descending movement downwards to the next support level at 1.26296 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 1.27211 should be noted.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend will persist. Target of the current trend is 1.267535 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support level at 1.27211 should be noted.
Consider stop-loss settings accordingly.
Besides a ‘Matching Low’ candlestick chart pattern is existing. The candles form ‘Matching Low’. 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 likelyhood of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27459 |
| 2nd High | 1.27222 |
| Next High | 1.27211 |
| Current Price | 1.26985 |
| Next Low | 1.26296 |
| 2nd Low | 1.26171 |
| 3rd Low | 1.25663 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Matching Low