GBP/USD – 1H – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the descending trendline upwards
A bullish movement up to the next resistance line at 1.25505 will continue.
Caution: A possible change in the direction of the support level at 1.23521 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Two-Candle Shooting Star’ candle chart pattern is discovered. The chart forms ‘Two-Candle Shooting Star’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Two-Candle Shooting Star’ heading down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26073 |
| 2nd High | 1.25690 |
| Next High | 1.25505 |
| Current Price | 1.25191 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Two-Candle Shooting Star