EUR/GBP – 1H – SELLThe pair Euro/British Pound (EUR/GBP) jumps from the bearish trendline downwards
A continuation of the downward movement downwards to the next support line at 0.82243 is certain.
Caution: A possible counter-trend in the direction of resistance at 0.83272 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ chart pattern is found. The candles form ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83386 |
| 2nd High | 0.83314 |
| Next High | 0.83272 |
| Current Price | 0.82540 |
| Next Low | 0.82243 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing