EUR/GBP – 30M – BUYThe pair Euro/British Pound (EUR/GBP) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support line at 0.82663 is considered certain.
Caution: A possible reversal of the trend in the direction of resistance at 0.82938 is also possible.
Consider stop-loss settings accordingly.
In addition a ‘Matching Low’ candlestick chart pattern is found. The chart forms ‘Matching Low’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83005 |
| 2nd High | 0.83002 |
| Next High | 0.82938 |
| Current Price | 0.82760 |
| Next Low | 0.82663 |
| 2nd Low | 0.82649 |
| 3rd Low | 0.82596 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Matching Low