EUR/GBP – 30M – SELLThe combination Euro/British Pound (EUR/GBP) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support line at 0.82855 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 0.82988 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Three Outside Down’ candlestick pattern is discovered. The chart shows ‘Three Outside Down’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83314 |
| 2nd High | 0.83281 |
| Next High | 0.82988 |
| Current Price | 0.82817 |
| Next Low | 0.82855 |
| 2nd Low | 0.82793 |
| 3rd Low | 0.82720 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Down