GBP/USD – 4H – BUYThe pair British Pound/US Dollar (GBP/USD) moves from the bullish trendline down.
A bearish movement down to the next support level at 1.24744 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.27283 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Inverted Hammer’ chart pattern is found. The candles show ‘Inverted Hammer’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance 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