EUR/GBP – 1H – BUYThe combination Euro/British Pound (EUR/GBP) goes from the descending trendline down.
A continuation of the bearish trend down to the next support line at 0.82898 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 0.83051 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Southern Doji’ candlestick chart pattern is found. The candles form ‘Southern Doji’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Southern Doji’ heading up is 51% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83249 |
| 2nd High | 0.83173 |
| Next High | 0.83051 |
| Current Price | 0.82866 |
| Next Low | 0.82898 |
| 2nd Low | 0.82742 |
| 3rd Low | 0.82625 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Southern Doji