EUR/GBP – 30M – SELLThe combination Euro/British Pound (EUR/GBP) moves from the descending trendline downwards
A continuation of the bearish trend down to the next support line at 0.82857 is considered certain.
Caution: A possible change in the direction of the resistance zone at 0.83027 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Three Outside Down’ candlestick pattern is discovered. The candles show ‘Three Outside Down’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83281 |
| 2nd High | 0.83249 |
| Next High | 0.83027 |
| Current Price | 0.82887 |
| Next Low | 0.82857 |
| 2nd Low | 0.82845 |
| 3rd Low | 0.82795 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Down