EUR/GBP – 4H – BUYThe currency pair Euro/British Pound (EUR/GBP) jumps from the bearish trendline down.
A continuation of the downtrend down to the next support at 0.82685 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.83123 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Outside Down’ candlestick chart pattern is discovered. The candles show ‘Three Outside Down’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83752 |
| 2nd High | 0.83642 |
| Next High | 0.83123 |
| Current Price | 0.82554 |
| Next Low | 0.82685 |
| 2nd Low | 0.82671 |
| 3rd Low | 0.82596 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Down