EUR/GBP – 1H – SELLThe pair Euro/British Pound (EUR/GBP) moves from the ascending trendline downwards
A descent downwards to the next support line at 0.82720 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 0.82988 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bearish Belt Hold’ candlestick pattern is found. The candles show ‘Bearish Belt Hold’. 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 success rate of a ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83314 |
| 2nd High | 0.83281 |
| Next High | 0.82988 |
| Current Price | 0.82817 |
| Next Low | 0.82720 |
| 2nd Low | 0.82705 |
| 3rd Low | 0.82220 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Belt Hold