EUR/GBP – 1H – SELLThe combination Euro/British Pound (EUR/GBP) jumps from the bearish trendline down.
A continuation of the downward movement down to the next support at 0.82671 will persist.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.83007 could be enabled.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Engulfing’ chart pattern is existing. The chart forms ‘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 | 0.83386 |
| 2nd High | 0.83314 |
| Next High | 0.83007 |
| Current Price | 0.82903 |
| Next Low | 0.82671 |
| 2nd Low | 0.82596 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing