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 0.82718 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 0.82974 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Target of the current trend is 0.828495 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of support at 0.82974 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is discovered. The candles form ‘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 success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83014 |
| 2nd High | 0.83005 |
| Next High | 0.82974 |
| Current Price | 0.82855 |
| Next Low | 0.82718 |
| 2nd Low | 0.82691 |
| 3rd Low | 0.82685 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing