EUR/GBP – 1H – BUYThe pair Euro/British Pound (EUR/GBP) breaks through the descending trendline up.
The bullish trend up to the next resistance line at 0.83173 will persist.
Caution: A possible reversal of the trend in the direction of support at 0.82742 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish SBS White Lines’ candlestick pattern is existing. The chart shows ‘Bearish SBS White Lines’. 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 chance of ‘Bearish SBS White Lines’ heading down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83281 |
| 2nd High | 0.83249 |
| Next High | 0.83173 |
| Current Price | 0.82970 |
| Next Low | 0.82742 |
| 2nd Low | 0.82625 |
| 3rd Low | 0.82220 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish SBS White Lines