GBP/USD – 30M – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the ascending trendline up.
A continuation of the upward movement upwards to the next resistance at 1.37003 is considered certain.
Caution: A possible trend reversal in the direction of the support zone at 1.36635 is within the realm of possibility.
Consider stop-loss settings accordingly.
Moreover a ‘Bullish Belt Hold’ candlestick pattern is existing. The candles form ‘Bullish Belt Hold’. 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 chance of ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.37522 |
| 2nd High | 1.37127 |
| Next High | 1.37003 |
| Current Price | 1.37871 |
| Next Low | 1.36635 |
| 2nd Low | 1.36426 |
| 3rd Low | 1.34819 |
1.37003 – 1.37127 – 1.36817 – 1.36635 – 1.367 – 1.36426 —
1.37473 – 1.37905 —
72.016750011642 – 70.498886493753 —
– —
1.37003 – 1769488200
Trading Signals: FOREX – GBP – GBP/USD – USD – Bullish Belt Hold – – – – – – – – –