EUR/GBP – 1H – SELLThe pair Euro/British Pound (EUR/GBP) goes from the bearish trendline down.
A continuation of the downward movement downwards to the next support at 0.82220 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 0.83125 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend will continue. Current target is 0.82746 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support level at 0.83125 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Evening Star’ candle pattern is found. The chart forms ‘Evening Star’. which 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 success rate of a ‘Evening Star’ heading down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83314 |
| 2nd High | 0.83272 |
| Next High | 0.83125 |
| Current Price | 0.82967 |
| Next Low | 0.82220 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Evening Star