EUR/GBP – 4H – SELLThe combination Euro/British Pound (EUR/GBP) moves from the descending trendline downwards
A continuation of the downward movement down to the next support level at 0.82625 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 0.83249 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bearish Engulfing’ candlestick chart pattern is existing. The candles show ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83642 |
| 2nd High | 0.83281 |
| Next High | 0.83249 |
| Current Price | 0.82994 |
| Next Low | 0.82625 |
| 2nd Low | 0.82220 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing