EUR/GBP – 4H – BUYThe currency pair Euro/British Pound (EUR/GBP) moves from the ascending trendline down.
The bearish trend downwards to the next support line at 0.83503 is expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.83740 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Northern Doji’ candlestick chart pattern is existing. The chart shows ‘Northern Doji’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
Besides a ‘Double top chart pattern’ chart formation is discovered. The formation shows ‘Double top chart pattern’. which is a negative chart scenario. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.84489 |
| 2nd High | 0.84279 |
| Next High | 0.83740 |
| Current Price | 0.83534 |
| 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 – Northern Doji