EUR/GBP – 1H – SELL

The pair Euro/British Pound (EUR/GBP) moves from the descending trendline downwards

A continuation of the downward movement down to the next support line at 0.86404 is considered certain.

Caution: A possible counter-trend in the direction of the resistance line at 0.86507 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.

Moreover a ‘Bearish Engulfing’ candle chart pattern is found. The chart forms ‘Bearish Engulfing’. which is a negative signal. The currency 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%.

0.86507 – 0.86516 – 0.86442 – 0.86404 – 0.8629 – 0.86243 —
0.86482 – 0.86507 —
58.928821807501 – 51.745083112994 —
– —
0.86507 – 1781614800

Trading Signals: FOREX – EUR – EUR/GBP – GBP – Bearish Engulfing – – – – – – – – –