EUR/GBP – 1H – BUY

The pair Euro/British Pound (EUR/GBP) moves from the bullish trendline downwards

A descent downwards to the next support at 0.82773 is likely expected.

Caution: A possible counter-trend in the direction of the resistance level at 0.83119 could occur.
In the case of a trade, always set appropriate stop-loss settings.

Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is likely expected. Current target is 0.826805 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support level at 0.83119 could occur.
In the case of a trade, always set appropriate stop-loss settings.

Furthermore a ‘Three Outside Down’ candlestick pattern is detected. The candles show ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

Download EUR/GBP Signal Image

Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Down