GBP/USD – 1H – BUYThe combination British Pound/US Dollar (GBP/USD) moves from the bearish trendline down.
A continuation of the downward movement downwards to the next support at 1.23521 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 1.25401 could be enabled.
Consider stop-loss settings accordingly.
Moreover a ‘Matching Low’ candlestick chart pattern is discovered. The chart shows ‘Matching Low’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26073 |
| 2nd High | 1.25690 |
| Next High | 1.25401 |
| Current Price | 1.25091 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Matching Low