GBP/USD – 30M – BUYThe combination British Pound/US Dollar (GBP/USD) moves from the bearish trendline downwards
A continuation of the downtrend down to the next support level at 1.26795 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 1.27253 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Matching Low’ candlestick chart pattern is discovered. The candles show ‘Matching Low’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.27873 |
| 2nd High | 1.27283 |
| Next High | 1.27253 |
| Current Price | 1.27061 |
| Next Low | 1.26795 |
| 2nd Low | 1.26660 |
| 3rd Low | 1.26354 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Matching Low