EUR/GBP – 30M – SELLThe pair Euro/British Pound (EUR/GBP) jumps from the descending trendline down.
A continuation of the downtrend down to the next support line at 0.82705 will continue.
Caution: A possible change in the direction of the resistance line at 0.83141 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bearish Engulfing’ candlestick chart pattern is existing. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83314 |
| 2nd High | 0.83272 |
| Next High | 0.83141 |
| Current Price | 0.82907 |
| Next Low | 0.82705 |
| 2nd Low | 0.82220 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing