Actual patterns
Patterns are graphical models which are formed in the chart by the price. According to one of the technical analysis postulates, history (price movement) repeats itself. It means that the price movements are often similar in the same situations which makes it possible to predict the further development of the situation with a high probability.
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Bearish Rectangle
was formed on 14.08 at 04:45:04 (UTC+0)
signal strength 1 of 5
According to the chart of M5, GBPJPY formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 199.19 - 0.00 and support 198.88 – 198.88. In case the resistance level 198.88 - 198.88 is broken, the instrument is likely to follow the bearish trend.
The M5 and M15 time frames may have more false entry points.
