GBP/USD – 1H – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the bearish trendline up.
An ascent up to the next resistance level at 1.37703 is considered certain.
Caution: A possible reversal of the trend in the direction of the support level at 1.36739 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Resistance Level’ indicator layout is found. The indicator shows ‘Resistance Level’. which could be a positive signal. The currency pair is likely to rise.
Furthermore a ‘Northern Doji’ candlestick pattern is existing. The candles form ‘Northern Doji’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.37703 |
| Current Price | 1.37733 |
| Next Low | 1.36739 |
| 2nd Low | 1.35903 |
| 3rd Low | 1.33699 |
1.37403 – 1.37523 – 1.37703 – 1.36739 – 1.36827 – 1.35903
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji –