EUR/GBP – 1H – SELLThe currency pair Euro/British Pound (EUR/GBP) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support line at 0.82685 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.83014 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candle pattern is detected. The chart shows ‘Bearish Engulfing’. which 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 probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83314 |
| 2nd High | 0.83123 |
| Next High | 0.83014 |
| Current Price | 0.82965 |
| Next Low | 0.82685 |
| 2nd Low | 0.82671 |
| 3rd Low | 0.82596 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing