EUR/GBP – 1H – SELL

The combination Euro/British Pound (EUR/GBP) goes from the descending trendline downwards

A continuation of the downward movement down to the next support level at 0.82705 is expected.

Caution: A possible counter-trend in the direction of resistance at 0.83141 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is expected. Current target is 0.82746 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support level at 0.83141 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Then a ‘Last Engulfing Bottom:’ candlestick chart pattern is found. The chart forms ‘Last Engulfing Bottom:’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).

Download EUR/GBP Signal Image

Trading Signals: FOREX – EUR – EUR/GBP – GBP – Last Engulfing Bottom: