EUR/GBP – 1H – SELLThe currency pair Euro/British Pound (EUR/GBP) goes from the ascending trendline down.
A descending movement downwards to the next support level at 0.82746 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 0.83240 is within the realm of possibility.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ candlestick pattern is existing. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83314 |
| 2nd High | 0.83272 |
| Next High | 0.83240 |
| Current Price | 0.83124 |
| Next Low | 0.82746 |
| 2nd Low | 0.82705 |
| 3rd Low | 0.82220 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing