EUR/GBP – 1H – SELLThe currency pair Euro/British Pound (EUR/GBP) goes from the descending trendline downwards
A continuation of the downward movement downwards to the next support level at 0.82746 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.82983 could happen.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Engulfing’ candle chart pattern is discovered. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83141 |
| 2nd High | 0.83119 |
| Next High | 0.82983 |
| Current Price | 0.82879 |
| Next Low | 0.82746 |
| 2nd Low | 0.82705 |
| 3rd Low | 0.82220 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing