EUR/GBP – 30M – SELLThe combination Euro/British Pound (EUR/GBP) moves from the bearish trendline downwards
A continuation of the bearish trend down to the next support at 0.82864 is expected.
Caution: A possible change in the direction of the resistance zone at 0.83123 could occur.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83386 |
| 2nd High | 0.83314 |
| Next High | 0.83123 |
| Current Price | 0.82842 |
| Next Low | 0.82864 |
| 2nd Low | 0.82695 |
| 3rd Low | 0.82671 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing