EUR/GBP – 30M – SELLThe currency pair Euro/British Pound (EUR/GBP) goes from the bearish trendline down.
A continuation of the downward movement down to the next support line at 0.82746 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 0.82979 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Last Engulfing Bottom:’ candlestick pattern is existing. The candles show ‘Last Engulfing Bottom:’. which is a negative 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 ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83141 |
| 2nd High | 0.83119 |
| Next High | 0.82979 |
| Current Price | 0.82867 |
| Next Low | 0.82746 |
| 2nd Low | 0.82705 |
| 3rd Low | 0.82220 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Last Engulfing Bottom: