EUR/GBP – 1H – SELLThe currency pair Euro/British Pound (EUR/GBP) jumps from the ascending trendline down.
A descent down to the next support at 0.82773 will continue.
Caution: A possible change in the direction of the resistance level at 0.83119 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Current target is 0.826805 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of support at 0.83119 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Three Outside Down’ candle pattern is existing. The candles form ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83272 |
| 2nd High | 0.83141 |
| Next High | 0.83119 |
| Current Price | 0.82792 |
| Next Low | 0.82773 |
| 2nd Low | 0.82770 |
| 3rd Low | 0.82705 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Down