GBP/USD – 1H – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the bearish trendline upwards
A bullish movement upwards to the next resistance at 1.29401 will continue.
Caution: A possible counter-trend in the direction of the support level at 1.28860 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Northern Doji’ candlestick chart pattern is existing. The chart forms ‘Northern Doji’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.29916 |
| 2nd High | 1.29730 |
| Next High | 1.29401 |
| Current Price | 1.29249 |
| Next Low | 1.28860 |
| 2nd Low | 1.28708 |
| 3rd Low | 1.28610 |
1.29401 – 1.29730 – 1.29679 – 1.28860 – 1.29223 – 1.29222
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji