GBP/USD – 30M – BUYThe combination British Pound/US Dollar (GBP/USD) breaks through the descending trendline up.
A bullish movement up to the next resistance at 1.3438 is expected.
Caution: A possible counter-trend in the direction of the support zone at 1.33838 could occur.
Consider stop-loss settings accordingly.
Then a ‘Northern Doji’ candle chart pattern is discovered. The chart forms ‘Northern Doji’. which is a positive pattern signal. 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’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.34896 |
| 2nd High | 1.3454 |
| Next High | 1.3438 |
| Current Price | 1.34008 |
| Next Low | 1.33838 |
| 2nd Low | 1.33428 |
| 3rd Low | 1.33234 |
1.3438 – 1.3454 – 1.34896 – 1.33838 – 1.33917 – 1.3416 —
51.771633707434 – 50.206937922545 —
49.582851080247 – 60.449689090531 – 43.142361111111 – 51.015299527091
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji – – –