GBP/USD – 30M – BUYThe currency pair British Pound/US Dollar (GBP/USD) jumps from the bearish trendline down.
A continuation of the downward movement down to the next support at 1.32797 will persist.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.33558 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Tweezers Top’ candlestick chart pattern is discovered. The chart shows ‘Tweezers Top’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.34023 |
| 2nd High | 1.33767 |
| Next High | 1.33558 |
| Current Price | 1.33236 |
| Next Low | 1.32797 |
| 2nd Low | 1.32599 |
| 3rd Low | 1.32551 |
1.33558 – 1.33767 – 1.33668 – 1.32797 – 1.33225 – 1.33330
Trading Signals: FOREX – GBP – GBP/USD – USD – Tweezers Top