EUR/GBP – 1H – BUYThe currency pair Euro/British Pound (EUR/GBP) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support at 0.82687 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 0.82851 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Matching Low’ candlestick chart pattern is found. The chart forms ‘Matching Low’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83005 |
| 2nd High | 0.83002 |
| Next High | 0.82851 |
| Current Price | 0.82805 |
| Next Low | 0.82687 |
| 2nd Low | 0.82663 |
| 3rd Low | 0.82596 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Matching Low