GBP/USD – 1H – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the bearish trendline upwards
An ascending movement up to the next resistance line at 1.25401 is likely expected.
Caution: A possible trend reversal in the direction of support at 1.23521 could happen.
Consider stop-loss settings accordingly.
And also a ‘Three Outside Up’ candle pattern is discovered. The candles form ‘Three Outside Up’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26073 |
| 2nd High | 1.25690 |
| Next High | 1.25401 |
| Current Price | 1.24523 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up