GBP/USD – 30M – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the bearish trendline up.
A bullish movement upwards to the next resistance at 1.25597 is considered certain.
Caution: A possible trend reversal in the direction of the support level at 1.25065 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Shooting Star’ candlestick chart pattern is discovered. The chart forms ‘Shooting Star’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26136 |
| 2nd High | 1.26073 |
| Next High | 1.25597 |
| Current Price | 1.25537 |
| Next Low | 1.25065 |
| 2nd Low | 1.25045 |
| 3rd Low | 1.25010 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Shooting Star