GBP/USD – 4H – BUYThe currency pair British Pound/US Dollar (GBP/USD) goes from the ascending trendline downwards
A descending movement downwards to the next support line at 1.24744 is considered certain.
Caution: A possible reversal of the trend in the direction of resistance at 1.27283 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Inverted Hammer’ candlestick pattern is detected. The candles form ‘Inverted Hammer’. 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 ‘Inverted Hammer’ going up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28109 |
| 2nd High | 1.27873 |
| Next High | 1.27283 |
| Current Price | 1.25291 |
| Next Low | 1.24744 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Inverted Hammer