GBP/USD – 1H – BUYThe currency pair British Pound/US Dollar (GBP/USD) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support line at 1.23521 is expected.
Caution: A possible change in the direction of the resistance zone at 1.25690 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Shooting Star’ candlestick pattern is existing. The chart forms ‘Shooting Star’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.26136 |
| 2nd High | 1.26073 |
| Next High | 1.25690 |
| Current Price | 1.24960 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Shooting Star