EUR/GBP – 1H – SELLThe 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