EUR/GBP – 4H – SELLThe currency pair Euro/British Pound (EUR/GBP) moves from the bullish trendline down.
A descending movement downwards to the next support line at 0.82746 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 0.83281 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Tweezers Top’ candle chart pattern is existing. The chart shows ‘Tweezers Top’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83752 |
| 2nd High | 0.83642 |
| Next High | 0.83281 |
| Current Price | 0.82920 |
| Next Low | 0.82746 |
| 2nd Low | 0.82220 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Tweezers Top