GBP/USD – 30M – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the descending trendline up.
The bullish trend up to the next resistance at 1.27654 is certain.
Caution: A possible counter-trend in the direction of the support level at 1.27357 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Three Outside Up’ candle pattern is existing. The candles show ‘Three Outside Up’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28109 |
| 2nd High | 1.27988 |
| Next High | 1.27654 |
| Current Price | 1.27649 |
| Next Low | 1.27357 |
| 2nd Low | 1.27165 |
| 3rd Low | 1.26296 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up