GBP/USD – 30M – BUYThe pair British Pound/US Dollar (GBP/USD) breaks through the descending trendline upwards
A bullish trend upwards to the next resistance level at 1.25359 is expected.
Caution: A possible reversal of the trend in the direction of support at 1.25010 is within the realm of possibility.
Consider stop-loss settings accordingly.
And also a ‘Three Outside Up’ chart pattern is existing. The chart shows ‘Three Outside Up’. which is a positive pattern signal. 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 | 1.25743 |
| 2nd High | 1.25501 |
| Next High | 1.25359 |
| Current Price | 1.25299 |
| Next Low | 1.25010 |
| 2nd Low | 1.24744 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up