GBP/USD – 4H – BUYThe combination British Pound/US Dollar (GBP/USD) jumps from the bullish trendline down.
A bearish descent downwards to the next support at 1.32333 is certain.
Caution: A possible counter-trend in the direction of resistance at 1.34236 should always be considered.
Consider stop-loss settings accordingly.
There is also a ‘Northern Doji’ chart pattern is discovered. The candles show ‘Northern Doji’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.34236 |
| Current Price | 1.33067 |
| Next Low | 1.32333 |
| 2nd Low | 1.32024 |
| 3rd Low | 1.27079 |
1.34236 – 1.32918 – 1.32072 – 1.32333 – 1.32024 – 1.27079
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji