GBP/USD – 1H – BUYThe currency pair British Pound/US Dollar (GBP/USD) breaks through the bearish trendline upwards
A bullish trend upwards to the next resistance at 1.35165 is likely expected.
Caution: A possible counter-trend in the direction of the support level at 1.34138 is also possible.
Consider stop-loss settings accordingly.
Next a ‘%K crosses above %D’ indicator signal is found. The indicator is ‘%K crosses above %D’. which could be a positive chart scenario. The pair is likely to go up.
Next a ‘Northern Doji’ candlestick chart pattern is found. The chart shows ‘Northern Doji’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.36602 |
| 2nd High | 1.35674 |
| Next High | 1.35165 |
| Current Price | 1.34408 |
| Next Low | 1.34138 |
| 2nd Low | 1.34013 |
| 3rd Low | 1.33566 |
1.35165 – 1.35674 – 1.35017 – 1.34913 – 1.34138 – 1.34013 —
1.34616 – 1.34472 —
36.462093552747 – 24.945618705323 —
– —
1.35165 – 1767762000
Trading Signals: FOREX – GBP – GBP/USD – USD – Northern Doji – Double bottom retreat down – – – – – – – –