Missed the Train to Sell EUR/GBP Today
EUR/GBP retraced higher today, but it stopped at the 100 SMA and came back down
EUR/GBP has been on a bearish trend since the middle of September, after the surge from the Brexit issue resurfacing ended. The price moved below moving averages by the end of September and for more than a month they have been providing resistance, keeping the price down.
The 200 SMA )(purple) has been the ultimate resistance for this pair, but the 100 SMA (green) has also helped at times when retraces were weaker. We have had few sell signals in this pair during this time and I was waiting for another opportunity to go short after a retrace higher.
The retrace took place earlier today but it ended at the 100 SMA (green) on the chart above, with the 200 SMA waiting close above. The price formed a doji up there which is a bearish reversing signal and then the decline followed. We missed the chance, but will follow the price action to look for another selling opportunity up there.
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