GBP/USD – 30M – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the bullish trendline upwards
A continuation of the upward movement up to the next resistance at 1.25878 is likely expected.
Caution: A possible change in the direction of the support zone at 1.25093 should be noted.
Consider stop-loss settings accordingly.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 1.25807488 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the resistance zone at 1.25878 should be noted.
Consider stop-loss settings accordingly.
Then a ‘Three Outside Up’ candlestick pattern is existing. The chart forms ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26666 |
| 2nd High | 1.26136 |
| Next High | 1.25878 |
| Current Price | 1.25492 |
| Next Low | 1.25093 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up