EUR/GBP – 30M – SELLThe combination Euro/British Pound (EUR/GBP) jumps from the ascending trendline down.
A bearish descent downwards to the next support level at 0.86393 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.86716 could happen.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Last Engulfing Top’ candlestick chart pattern is discovered. The candles form ‘Last Engulfing Top’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.87377 |
| 2nd High | 0.86938 |
| Next High | 0.86716 |
| Current Price | 0.86655 |
| Next Low | 0.86393 |
| 2nd Low | 0.86081 |
| 3rd Low | 0.86054 |
0.86716 – 0.86574 – 0.86654 – 0.86393 – 0.86476 – 0.86454 — 61.333027095369 – 55.540379609009 — 24.366240097502 – 24.366240097502 – 39.679179198162 – 28.791075044797
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Last Engulfing Top – Inverse Head and Shoulder chart pattern – –