GBP/USD – 1H – BUYCorrection of the major bearish trend broke through the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Current target is 1.276185 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the resistance zone at 1.27813 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Three Outside Up’ candlestick pattern is found. The candles form ‘Three Outside Up’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood 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 | 1.27813 |
| Current Price | 1.27461 |
| Next Low | 1.27128 |
| 2nd Low | 1.26296 |
| 3rd Low | 1.26171 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up