GBP/USD – 4H – BUYThe currency pair British Pound/US Dollar (GBP/USD) goes from the bullish trendline downwards
The bearish trend down to the next support at 1.24744 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 1.27283 should be noted.
Consider stop-loss settings accordingly.
Besides a ‘Inverted Hammer’ candlestick pattern is found. The candles show ‘Inverted Hammer’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Inverted Hammer’ heading 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