GBP/USD – 4H – BUYThe combination British Pound/US Dollar (GBP/USD) jumps from the bullish trendline downwards
The bearish trend down to the next support at 1.24744 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.27283 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Inverted Hammer’ candlestick chart pattern is existing. The chart forms ‘Inverted Hammer’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Inverted Hammer’ going up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28109 |
| 2nd High | 1.27873 |
| Next High | 1.27283 |
| Current Price | 1.25291 |
| Next Low | 1.24744 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Inverted Hammer