EUR/GBP – 1H – BUYThe combination Euro/British Pound (EUR/GBP) moves from the ascending trendline downwards
A descent downwards to the next support at 0.82492 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.83272 should be noted.
Consider stop-loss settings accordingly.
Additionally a ‘Latter Bottom’ chart pattern is found. The candles form ‘Latter Bottom’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Latter Bottom’ going up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83386 |
| 2nd High | 0.83314 |
| Next High | 0.83272 |
| Current Price | 0.82703 |
| Next Low | 0.82492 |
| 2nd Low | 0.82243 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Latter Bottom