GBP/USD – 30M – BUYThe pair British Pound/US Dollar (GBP/USD) breaks through the descending trendline upwards
A bullish movement upwards to the next resistance at 1.25401 will persist.
Caution: A possible trend reversal in the direction of the support level at 1.24099 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Outside Up’ chart pattern is detected. The candles form ‘Three Outside Up’. 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 ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.25690 |
| 2nd High | 1.25542 |
| Next High | 1.25401 |
| Current Price | 1.24425 |
| Next Low | 1.24099 |
| 2nd Low | 1.23878 |
| 3rd Low | 1.23521 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up