GBP/USD – 30M – SELLNext a ‘Rising Wedge Chart Pattern’ chart formation is existing. The chart picture shows ‘Rising Wedge Chart Pattern’. which is a negative pattern signal. The currency pair is likely to go down.
The pair British Pound/US Dollar (GBP/USD) jumps from the ascending trendline downwards
A bearish descent downwards to the next support level at 1.34914 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 1.35674 should be noted.
Consider stop-loss settings accordingly.
Next a ‘%K crosses below %D’ indicator layout is detected. The indicator is ‘%K crosses below %D’. which is often a bearish chart scenario. The currency pair is likely to fall.
Next a ‘Northern Doji’ candle pattern is detected. The candles show ‘Northern Doji’. which is a positive 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 | 1.36809 |
| 2nd High | 1.36712 |
| Next High | 1.35674 |
| Current Price | 1.35072 |
| Next Low | 1.34914 |
| 2nd Low | 1.34913 |
| 3rd Low | 1.34138 |
1.35674 – 1.3548 – 1.35017 – 1.34914 – 1.34913 – 1.35279 —
1.35024 – 1.35143 —
42.770619273291 – 56.009443801869 —
– —
1.35674 – 1767690000
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji – Rising Wedge Chart Pattern – – – – – – – –