EUR/GBP – 1H – SELLThe combination Euro/British Pound (EUR/GBP) jumps from the bullish trendline downwards
A descending movement downwards to the next support line at 0.82742 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 0.83027 should be noted.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Belt Hold’ candle chart pattern is detected. The candles show ‘Bearish Belt Hold’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83281 |
| 2nd High | 0.83249 |
| Next High | 0.83027 |
| Current Price | 0.82969 |
| Next Low | 0.82742 |
| 2nd Low | 0.82625 |
| 3rd Low | 0.82220 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Belt Hold