GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) breaks through the bearish trendline upwards
A bullish movement up to the next resistance line at 1.29730 is certain.
Caution: A possible reversal of the trend in the direction of the support level at 1.29223 should be noted.
Consider stop-loss settings accordingly.
Next a ‘Northern Doji’ candlestick pattern is detected. The chart forms ‘Northern Doji’. 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 likelyhood of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
Next a ‘Double top chart pattern’ chart pattern is found. The chart forms ‘Double top chart pattern’. which is a bearish chart scenario. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.30146 |
| 2nd High | 1.29916 |
| Next High | 1.29730 |
| Current Price | 1.29068 |
| Next Low | 1.29223 |
| 2nd Low | 1.29222 |
| 3rd Low | 1.29014 |
1.29730 – 1.29676 – 1.29679 – 1.29223 – 1.29222 – 1.29378
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji