EUR/GBP – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is certain. Current target is 0.829955 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support line at 0.83003 could happen.
Consider stop-loss settings accordingly.
Also there is a ‘Last Engulfing Top’ candle pattern is existing. The candles form ‘Last Engulfing Top’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83249 |
| 2nd High | 0.83027 |
| Next High | 0.83003 |
| Current Price | 0.82984 |
| Next Low | 0.82850 |
| 2nd Low | 0.82742 |
| 3rd Low | 0.82636 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Last Engulfing Top