EUR/GBP – 30M – SELLThe pair Euro/British Pound (EUR/GBP) jumps from the ascending trendline downwards
A descent downwards to the next support level at 0.83088 is expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 0.83359 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bearish Engulfing’ candle pattern is found. The candles show ‘Bearish Engulfing’. this is a bearish pattern 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 | 0.83581 |
| 2nd High | 0.83461 |
| Next High | 0.83359 |
| Current Price | 0.83470 |
| Next Low | 0.83088 |
| 2nd Low | 0.83041 |
| 3rd Low | 0.82675 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing