EUR/GBP – 30M – SELLThe currency pair Euro/British Pound (EUR/GBP) jumps from the ascending trendline down.
A bearish movement down to the next support line at 0.83379 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.83642 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart forms ‘Bearish Engulfing’. this is a bearish pattern 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’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83959 |
| 2nd High | 0.83752 |
| Next High | 0.83642 |
| Current Price | 0.83432 |
| Next Low | 0.83379 |
| 2nd Low | 0.83302 |
| 3rd Low | 0.83088 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing