GBP/USD – 30M – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the bearish trendline upwards
An ascent up to the next resistance line at 1.29552 is likely expected.
Caution: A possible counter-trend in the direction of the support level at 1.28873 is also possible.
Consider stop-loss settings accordingly.
Moreover a ‘Bullish Belt Hold’ candlestick chart pattern is found. The candles show ‘Bullish Belt Hold’. which 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 probability of ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
Moreover a ‘Support Level’ indicator signal is found. The indicator is ‘Support Level’. which is often a bullish chart signal. The pair is likely to go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30146 |
| 2nd High | 1.29701 |
| Next High | 1.29552 |
| Current Price | 1.29294 |
| Next Low | 1.28873 |
| 2nd Low | 1.28730 |
| 3rd Low | 1.28610 |
1.29552 – 1.29701 – 1.30146 – 1.28873 – 1.29220 – 1.29357
Trading Signals: FOREX – GBP – GBP/USD – USD – Bullish Belt Hold