GBP/USD – 4H – BUYThe combination British Pound/US Dollar (GBP/USD) moves from the descending trendline up.
An ascent up to the next resistance line at 1.25754 will persist.
Caution: A possible trend reversal in the direction of the support zone at 1.23521 could happen.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Shooting Star’ candlestick chart pattern is existing. The candles form ‘Shooting Star’. this is a bearish signal. The pair is likely to go down. 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 | 1.27283 |
| 2nd High | 1.26073 |
| Next High | 1.25754 |
| Current Price | 1.23008 |
| Next Low | 1.23521 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Shooting Star