The pair Euro/British Pound (EUR/GBP) moves from the bullish trendline down.
A descending movement downwards to the next support at 0.85250 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 0.85649 should be noted.
Consider stop-loss settings accordingly.
Additionally a ‘Two Crows’ candlestick chart pattern is discovered. The candles show ‘Two Crows’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).
Additionally a ‘Double top chart pattern’ chart pattern is discovered. The chart picture shows ‘Double top chart pattern’. which is a bearish pattern signal. The pair is likely to go down.
Support & Resistance | Price Range* |
---|---|
3rd High | 0.86235 |
2nd High | 0.85830 |
Next High | 0.85649 |
Current Price | 0.85269 |
Next Low | 0.85250 |
2nd Low | 0.85189 |
3rd Low | 0.84694 |
0.85649 – 0.85830 – 0.86235 – 0.85303 – 0.85385 – 0.85796