EUR/GBP – 1H – BUYThe currency pair Euro/British Pound (EUR/GBP) moves from the descending trendline downwards
A continuation of the downtrend downwards to the next support line at 0.82724 is likely expected.
Caution: A possible change in the direction of resistance at 0.83272 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Matching Low’ chart pattern is discovered. The candles form ‘Matching Low’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83386 |
| 2nd High | 0.83314 |
| Next High | 0.83272 |
| Current Price | 0.82513 |
| Next Low | 0.82724 |
| 2nd Low | 0.82243 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Matching Low