GBP/USD – 1H – BUYThe pair British Pound/US Dollar (GBP/USD) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support line at 1.32333 is certain.
Caution: A possible change in the direction of the resistance line at 1.33558 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Shooting Star’ candlestick pattern is discovered. The chart shows ‘Shooting Star’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.34023 |
| 2nd High | 1.33767 |
| Next High | 1.33558 |
| Current Price | 1.32394 |
| Next Low | 1.32333 |
| 2nd Low | 1.32024 |
| 3rd Low | 1.27428 |
1.33558 – 1.33767 – 1.34023 – 1.32599 – 1.32551 – 1.32598
Trading Signals: FOREX – GBP – GBP/USD – USD – Shooting Star