EUR/GBP – 30M – SELLThe combination Euro/British Pound (EUR/GBP) goes from the bearish trendline down.
A continuation of the downward movement downwards to the next support at 0.82742 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 0.83003 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Bearish Engulfing’ chart pattern is discovered. The candles show ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83249 |
| 2nd High | 0.83027 |
| Next High | 0.83003 |
| Current Price | 0.82878 |
| Next Low | 0.82742 |
| 2nd Low | 0.82636 |
| 3rd Low | 0.82625 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing