GBP/USD – 30M – BUYThe combination British Pound/US Dollar (GBP/USD) jumps from the ascending trendline downwards
A bearish descent down to the next support level at 1.32644 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 1.33485 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Northern Doji’ candle chart pattern is detected. The chart forms ‘Northern Doji’. which is a positive signal. The currency pair is likely to rise. 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).
Additionally a ‘Double top chart pattern’ chart formation is found. The chart picture forms ‘Double top chart pattern’. this is a bearish pattern signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.34236 |
| 2nd High | 1.33901 |
| Next High | 1.33485 |
| Current Price | 1.32866 |
| Next Low | 1.32644 |
| 2nd Low | 1.32471 |
| 3rd Low | 1.32333 |
1.33485 – 1.33387 – 1.33901 – 1.32900 – 1.32644 – 1.32471
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji