EUR/GBP – 4H – BUYThe currency pair Euro/British Pound (EUR/GBP) breaks through the descending trendline upwards
An ascent upwards to the next resistance level at 0.84279 is considered certain.
Caution: A possible counter-trend in the direction of the support level at 0.83503 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bullish Belt Hold’ chart pattern is detected. The candles show ‘Bullish Belt Hold’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
Then a ‘Support Level’ indicator layout is found. The indicator is ‘Support Level’. which could be a positive chart scenario. The currency pair is likely to rise.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 0.84489 |
| Next High | 0.84279 |
| Current Price | 0.83764 |
| Next Low | 0.83503 |
| 2nd Low | 0.82417 |
| 3rd Low |
0.83740 – 0.84279 – 0.84276 – 0.83503 – 0.83723 – 0.82417
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bullish Belt Hold