GBP/USD – 30M – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the bullish trendline up.
A continuation of the upward movement upwards to the next resistance at 1.27873 is considered certain.
Caution: A possible counter-trend in the direction of the support level at 1.26067 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend broke through the Fibonacci 0.24-Level.Continuation of the current ascending trend is considered certain. Current target is 1.2697 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the resistance line at 1.27873 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Three Outside Up’ chart pattern is found. The chart forms ‘Three Outside Up’. 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 probability of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28109 |
| 2nd High | 1.27988 |
| Next High | 1.27873 |
| Current Price | 1.26903 |
| Next Low | 1.26067 |
| 2nd Low | 1.25663 |
| 3rd Low | 1.25246 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up