GBP/USD – 4H – BUYThe pair British Pound/US Dollar (GBP/USD) moves from the ascending trendline downwards
A descent down to the next support level at 1.24744 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 1.27283 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Inverted Hammer’ candlestick pattern is detected. The chart forms ‘Inverted Hammer’. 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 chance of ‘Inverted Hammer’ heading 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