GBP/USD – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is certain. Current target is 1.28109 at the Fibonacci level 0-Level. Caution: A possible change in the direction of resistance at 1.28109 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Inverted Hammer’ candle chart pattern is discovered. The chart shows ‘Inverted Hammer’. 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 probability of ‘Inverted Hammer’ heading up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30476 |
| 2nd High | 1.30091 |
| Next High | 1.28109 |
| Current Price | 1.27727 |
| Next Low | 1.27211 |
| 2nd Low | 1.26296 |
| 3rd Low | 1.26171 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Inverted Hammer