EUR/GBP – 4H – SELL

The currency pair Euro/British Pound (EUR/GBP) goes from the descending trendline downwards

A continuation of the bearish trend downwards to the next support at 0.86824 is likely expected.

Caution: A possible reversal of the trend in the direction of resistance at 0.87412 should be noted.
In the case of a trade, always set appropriate stop-loss settings.

Moreover a ‘Resistance Level’ indicator signal is discovered. The indicator is ‘Resistance Level’. which is often a bearish chart scenario. The pair is likely to go down.

Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is likely expected. Current target is 0.86765 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support line at 0.87412 should be noted.
In the case of a trade, always set appropriate stop-loss settings.

Moreover a ‘Bearish Engulfing’ candle pattern is discovered. The candles show ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.

0.87412 – 0.87206 – 0.86748 – 0.86824 – 0.86118 – 0.86485 —
0.87133 – 0.87210 —
55.493865770958 – 51.352116235551 —
– —
0.87412 – 1770652800

Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing – – – – – – – – –