EUR/GBP – 1H – SELLThe currency pair Euro/British Pound (EUR/GBP) goes from the bearish trendline downwards
A continuation of the downtrend downwards to the next support line at 0.82685 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.83002 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bearish Engulfing’ candlestick pattern is existing. The candles form ‘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 likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83014 |
| 2nd High | 0.83005 |
| Next High | 0.83002 |
| Current Price | 0.82814 |
| Next Low | 0.82685 |
| 2nd Low | 0.82671 |
| 3rd Low | 0.82596 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing