GBP/USD – 30M – BUYThe pair British Pound/US Dollar (GBP/USD) goes from the ascending trendline down.
A descent down to the next support level at 1.29107 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 1.29552 is also possible.
Consider stop-loss settings accordingly.
Besides a ‘Tweezers Top’ candlestick chart pattern is found. The chart shows ‘Tweezers Top’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
Besides a ‘Double top chart pattern’ chart formation is detected. The chart forms ‘Double top chart pattern’. which is a bearish signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30146 |
| 2nd High | 1.29701 |
| Next High | 1.29552 |
| Current Price | 1.29152 |
| Next Low | 1.29107 |
| 2nd Low | 1.28730 |
| 3rd Low | 1.28610 |
1.29552 – 1.29701 – 1.30146 – 1.29220 – 1.29357 – 1.29546
Trading Signals: FOREX – GBP – GBP/USD – USD – Tweezers Top