EUR/GBP – 1H – SELL

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

A descending movement down to the next support level at 0.86856 is expected.

Caution: A possible change in the direction of the resistance line at 0.87487 could happen.
In case of a trade, appropriate stop-loss settings should be considered.

Furthermore a ‘Last Engulfing Bottom:’ candle chart pattern is discovered. The chart forms ‘Last Engulfing Bottom:’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).

0.87487 – 0.8721 – 0.8717 – 0.86856 – 0.86864 – 0.86878 —
0.87383 – 0.87221 —
64.560067141372 – 39.034584004737 —
– —
0.87487 – 1771347600

Trading Signals: FOREX – EUR – EUR/GBP – GBP – Last Engulfing Bottom: – Head and Shoulder chart pattern – – – – – – – –