GBP/USD – 1H – BUYThe pair British Pound/US Dollar (GBP/USD) breaks through the bearish trendline upwards
A bullish trend up to the next resistance line at 1.26984 will persist.
Caution: A possible reversal of the trend in the direction of the support zone at 1.26067 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Engulfing’ candle chart pattern is detected. The candles show ‘Bullish Engulfing’. 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 chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27988 |
| 2nd High | 1.27873 |
| Next High | 1.26984 |
| Current Price | 1.26938 |
| Next Low | 1.26067 |
| 2nd Low | 1.25246 |
| 3rd Low | 1.25067 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bullish Engulfing