EUR/GBP – 30M – SELLThe currency pair Euro/British Pound (EUR/GBP) goes from the descending trendline down.
A continuation of the bearish trend down to the next support level at 0.83512 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 0.83615 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candle pattern is existing. The candles form ‘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 success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83959 |
| 2nd High | 0.83728 |
| Next High | 0.83615 |
| Current Price | 0.83468 |
| Next Low | 0.83512 |
| 2nd Low | 0.83396 |
| 3rd Low | 0.83229 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing