EUR/GBP – 30M – SELLThe combination Euro/British Pound (EUR/GBP) moves from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support line at 0.82864 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.83314 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ chart pattern is discovered. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83512 |
| 2nd High | 0.83386 |
| Next High | 0.83314 |
| Current Price | 0.83054 |
| Next Low | 0.82864 |
| 2nd Low | 0.82695 |
| 3rd Low | 0.82671 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing