EUR/GBP – 30M – BUYThe pair Euro/British Pound (EUR/GBP) moves from the bullish trendline down.
A bearish movement downwards to the next support at 0.82770 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 0.83046 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is likely expected. Current target is 0.83141 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the resistance level at 0.83046 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bullish Engulfing’ chart pattern is existing. The candles show ‘Bullish Engulfing’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83272 |
| 2nd High | 0.83141 |
| Next High | 0.83046 |
| Current Price | 0.83001 |
| Next Low | 0.82770 |
| 2nd Low | 0.82705 |
| 3rd Low | 0.82220 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bullish Engulfing