EUR/GBP – 1H – SELLThe combination Euro/British Pound (EUR/GBP) moves from the descending trendline downwards
A continuation of the downtrend down to the next support at 0.82675 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 0.83314 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bearish Engulfing’ candle chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83552 |
| 2nd High | 0.83386 |
| Next High | 0.83314 |
| Current Price | 0.82902 |
| Next Low | 0.82675 |
| 2nd Low | 0.82596 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing