EUR/GBP – 1H – SELLThe pair Euro/British Pound (EUR/GBP) goes from the ascending trendline downwards
The bearish trend down to the next support at 0.83316 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 0.83752 could be enabled.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ candle pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.84184 |
| 2nd High | 0.83959 |
| Next High | 0.83752 |
| Current Price | 0.83312 |
| Next Low | 0.83316 |
| 2nd Low | 0.83229 |
| 3rd Low | 0.83093 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing