EUR/GBP – 4H – BUYThe pair Euro/British Pound (EUR/GBP) breaks through the bearish trendline up.
A bullish trend up to the next resistance at 0.83272 is expected.
Caution: A possible reversal of the trend in the direction of support at 0.82243 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke through the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Target of the current trend is 0.829975 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 0.83272 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Three Outside Up’ candle pattern is discovered. The candles form ‘Three Outside Up’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83752 |
| 2nd High | 0.83642 |
| Next High | 0.83272 |
| Current Price | 0.82681 |
| Next Low | 0.82243 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Up