GBP/USD – 1H – BUYThe pair British Pound/US Dollar (GBP/USD) breaks through the bearish trendline up.
The bullish trend upwards to the next resistance line at 1.25359 is considered certain.
Caution: A possible change in the direction of the support level at 1.25010 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Latter Bottom’ candle pattern is detected. The chart forms ‘Latter Bottom’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Latter Bottom’ going up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26136 |
| 2nd High | 1.25743 |
| Next High | 1.25359 |
| Current Price | 1.25330 |
| Next Low | 1.25010 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Latter Bottom