EUR/GBP – 1H – SELLThe combination Euro/British Pound (EUR/GBP) moves from the ascending trendline downwards
A bearish trend downwards to the next support level at 0.83302 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.83609 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles show ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83959 |
| 2nd High | 0.83752 |
| Next High | 0.83609 |
| Current Price | 0.83534 |
| Next Low | 0.83302 |
| 2nd Low | 0.83088 |
| 3rd Low | 0.82675 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing