GBP/USD – 1H – BUYThe currency pair British Pound/US Dollar (GBP/USD) breaks through the bullish trendline upwards
A continuation of the bullish trend upwards to the next resistance level at 1.26164 is certain.
Caution: A possible reversal of the trend in the direction of the support level at 1.25246 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bullish Engulfing’ candle pattern is detected. The candles show ‘Bullish Engulfing’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27142 |
| 2nd High | 1.26595 |
| Next High | 1.26164 |
| Current Price | 1.26763 |
| Next Low | 1.25246 |
| 2nd Low | 1.25067 |
| 3rd Low | 1.24870 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bullish Engulfing