GBP/USD – 1H – BUYThe pair British Pound/US Dollar (GBP/USD) breaks through the descending trendline upwards
An ascent upwards to the next resistance level at 1.26164 is expected.
Caution: A possible trend reversal in the direction of support at 1.25246 is within the realm of possibility.
Consider stop-loss settings accordingly.
Moreover a ‘Three White Soldiers’ candlestick pattern is detected. The chart shows ‘Three White Soldiers’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three White Soldiers’ going up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27142 |
| 2nd High | 1.26595 |
| Next High | 1.26164 |
| Current Price | 1.26035 |
| Next Low | 1.25246 |
| 2nd Low | 1.25067 |
| 3rd Low | 1.24870 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three White Soldiers