EUR/GBP – 1H – SELLThe currency pair Euro/British Pound (EUR/GBP) goes from the descending trendline downwards
A continuation of the bearish trend down to the next support line at 0.82685 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 0.83005 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ candle chart pattern is detected. The chart shows ‘Bearish Engulfing’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83123 |
| 2nd High | 0.83014 |
| Next High | 0.83005 |
| Current Price | 0.82913 |
| Next Low | 0.82685 |
| 2nd Low | 0.82671 |
| 3rd Low | 0.82596 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing