GBP/USD – 30M – BUYThe pair British Pound/US Dollar (GBP/USD) breaks through the bearish trendline up.
A bullish movement upwards to the next resistance line at 1.25401 is likely expected.
Caution: A possible counter-trend in the direction of the support level at 1.24099 is within the realm of possibility.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 1.25225834 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of resistance at 1.25401 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Three White Soldiers’ candle chart pattern is existing. The candles show ‘Three White Soldiers’. 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 success rate of a ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.25690 |
| 2nd High | 1.25542 |
| Next High | 1.25401 |
| Current Price | 1.24798 |
| Next Low | 1.24099 |
| 2nd Low | 1.23878 |
| 3rd Low | 1.23521 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three White Soldiers