EUR/GBP – 30M – SELLThe combination Euro/British Pound (EUR/GBP) goes from the bearish trendline downwards
A continuation of the downward movement downwards to the next support at 0.83134 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 0.83375 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bearish Engulfing’ chart pattern is existing. The candles form ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83581 |
| 2nd High | 0.83407 |
| Next High | 0.83375 |
| Current Price | 0.83178 |
| Next Low | 0.83134 |
| 2nd Low | 0.83128 |
| 3rd Low | 0.83093 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing