EUR/GBP – 30M – SELLThe combination Euro/British Pound (EUR/GBP) jumps from the bearish trendline down.
A continuation of the bearish trend down to the next support line at 0.83128 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 0.83398 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candlestick chart pattern is existing. The candles show ‘Bearish Engulfing’. 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 success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83752 |
| 2nd High | 0.83581 |
| Next High | 0.83398 |
| Current Price | 0.83317 |
| Next Low | 0.83128 |
| 2nd Low | 0.83093 |
| 3rd Low | 0.83061 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing