EUR/GBP – 1H – BUYThe combination Euro/British Pound (EUR/GBP) breaks through the descending trendline up.
A bullish trend up to the next resistance line at 0.83249 is expected.
Caution: A possible counter-trend in the direction of the support level at 0.82742 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Three Outside Up’ candlestick chart pattern is found. The chart shows ‘Three Outside Up’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83314 |
| 2nd High | 0.83281 |
| Next High | 0.83249 |
| Current Price | 0.83018 |
| Next Low | 0.82742 |
| 2nd Low | 0.82625 |
| 3rd Low | 0.82220 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Up