EUR/GBP – 1H – SELLThe currency pair Euro/British Pound (EUR/GBP) jumps from the bullish trendline down.
A descending movement down to the next support line at will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 0.82828 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 forms ‘Bearish Engulfing’. which is a bearish chart scenario. The 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 | 0.83002 |
| 2nd High | 0.82851 |
| Next High | 0.82828 |
| Current Price | 0.82454 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing