GBP/USD – 1H – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the bullish trendline up.
A continuation of the uptrend up to the next resistance at 1.36165 will continue.
Caution: A possible counter-trend in the direction of the support zone at 1.35224 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Northern Doji’ candle pattern is detected. The chart shows ‘Northern Doji’. which is a bullish chart scenario. The 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 | |
| 2nd High | |
| Next High | 1.36165 |
| Current Price | 1.36138 |
| Next Low | 1.35224 |
| 2nd Low | 1.34639 |
| 3rd Low | 1.34559 |
1.35810 – 1.36165 – 1.35797 – 1.35224 – 1.34639 – 1.34559
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji