EUR/GBP – 1H – BUYThe combination Euro/British Pound (EUR/GBP) breaks through the bearish trendline up.
An ascent upwards to the next resistance line at 0.83281 is expected.
Caution: A possible counter-trend in the direction of the support zone at 0.82625 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is expected. Current target is 0.83140616 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of the resistance zone at 0.83281 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Three Outside Up’ candle pattern is found. The candles form ‘Three Outside Up’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83386 |
| 2nd High | 0.83314 |
| Next High | 0.83281 |
| Current Price | 0.83072 |
| Next Low | 0.82625 |
| 2nd Low | 0.82220 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Up