GBP/USD – 4H – BUYCorrection of the major bearish trend broke through the Fibonacci 0.5-Level.Continuation of the current ascending trend will persist. Current target is 1.29276316 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the resistance level at 1.28109 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Three Outside Up’ candle pattern is discovered. The candles form ‘Three Outside Up’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30708 |
| 2nd High | 1.30476 |
| Next High | 1.28109 |
| Current Price | 1.27751 |
| Next Low | 1.26171 |
| 2nd Low | 1.24870 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up