GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) goes from the bearish trendline downwards
A continuation of the bearish trend down to the next support level at 1.32900 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.33387 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Current target is 1.3288754 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support level at 1.33387 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Southern Doji’ candle pattern is existing. The candles form ‘Southern Doji’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Southern Doji’ going up is 51% (Bull Market) & 52% (Bear Market).
Besides a ‘Resistance Level’ indicator layout is discovered. The indicator is ‘Resistance Level’. which could be a negative chart scenario. The currency pair could go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.34236 |
| 2nd High | 1.33901 |
| Next High | 1.33387 |
| Current Price | 1.33269 |
| Next Low | 1.32900 |
| 2nd Low | 1.32644 |
| 3rd Low | 1.32471 |
1.33387 – 1.33901 – 1.34236 – 1.32900 – 1.32644 – 1.32471
Trading Signals: FOREX – GBP – GBP/USD – USD – Southern Doji