GBP/USD – 1H – BUYThe combination British Pound/US Dollar (GBP/USD) goes from the bearish trendline down.
A continuation of the bearish trend down to the next support level at 1.29016 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 1.29738 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Northern Doji’ candle chart pattern is found. The candles show ‘Northern Doji’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.30146 |
| Next High | 1.29738 |
| Current Price | 1.29457 |
| Next Low | 1.29016 |
| 2nd Low | 1.28951 |
| 3rd Low | 1.28873 |
1.29738 – 1.30146 – 1.30097 – 1.29016 – 1.28951 – 1.28873
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji