EUR/GBP – 1H – SELL

The pair Euro/British Pound (EUR/GBP) jumps from the bullish trendline down.

A descending movement downwards to the next support line at 0.87002 is expected.

Caution: A possible change in the direction of resistance at 0.87156 could happen.
In case of a trade, appropriate stop-loss settings should be considered.

Besides a ‘Resistance Level’ indicator signal is existing. The indicator is ‘Resistance Level’. which is often a bearish chart scenario. The pair is likely to go down.

Correction of the major bearish trend halted around the Fibonacci 1-Level.Continuation of the current descending trend is expected. Target of the current trend is 0.87093726 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of support at 0.87156 could happen.
In case of a trade, appropriate stop-loss settings should be considered.

Besides a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bearish Engulfing’. this 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 ‘Bearish Engulfing’ heading down is 79%.

0.87156 – 0.87122 – 0.87011 – 0.87002 – 0.86923 – 0.86893 —
0.87121 – 0.87107 —
57.864430633261 – 51.319962472756 —
– —
0.87156 – 1776675600

Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing – – – – – – – – –