GBP/USD – 4H – BUYCorrection of the major bullish trend broke through the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Current target is 1.2487 at the Fibonacci level 1-Level. Caution: A possible counter-trend in the direction of the support level at 1.27283 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Matching Low’ chart pattern is existing. The candles show ‘Matching Low’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28109 |
| 2nd High | 1.27873 |
| Next High | 1.27283 |
| Current Price | 1.25022 |
| Next Low | 1.24870 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Matching Low