GBP/USD – 1H – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the descending trendline up.
A bullish ascent upwards to the next resistance at 1.22498 will continue.
Caution: A possible change in the direction of the support line at 1.21380 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Three Outside Up’ candlestick chart pattern is found. The chart shows ‘Three Outside Up’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.24938 |
| 2nd High | 1.23218 |
| Next High | 1.22498 |
| Current Price | 1.22039 |
| Next Low | 1.21380 |
| 2nd Low | 1.20991 |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up