EUR/GBP – 1H – SELL

The combination Euro/British Pound (EUR/GBP) moves from the bullish trendline down.

A bearish movement down to the next support at 0.87213 is considered certain.

Caution: A possible counter-trend in the direction of the resistance zone at 0.87535 could happen.
Please make appropriate stop-loss settings in the case of a trade.

Correction of the major bullish trend broke through the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Current target is 0.87213 at the Fibonacci level 1-Level. Caution: A possible counter-trend in the direction of the support level at 0.87535 could happen.
Please make appropriate stop-loss settings in the case of a trade.

In addition a ‘Three Outside Down’ chart pattern is detected. The candles show ‘Three Outside Down’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

0.87535 – 0.88012 – 0.87932 – 0.87213 – 0.87367 – 0.87474 —
0.87357 – 0.87403 —
38.913583097107 – 47.317625093601 —
– —
0.87535 – 1764846000

Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Down – Double bottom chart pattern – – – – – – – –