Yesterday we opened a sell forex signal in EUR/GBP. The chart setup was pretty favourable for sellers, and our signal got close to TP at some point. However, Bank of England's Carney didn’t deliver enough for GBP buyers and EUR/GBP extended the retrace, hitting our SL this morning.
We’re not giving up on this pair though because the trend is clearly down and this retrace higher is a good chance for shorts.
So, what’s the chart setup right now?
First, the trend of the last couple of weeks is strong, and it is pointing down. We have to go with the trend.
Second, the H1 chart is severely overbought same as yesterday, and now the H4 chart is overbought as well.
Although, the strongest indicator right now is the 100 SMA. The 100 SMA (green) on the H1 chart is providing resistance and it is pushing the price lower already which puts our forex signal in profit.
Looks like the bearish setup is resuming again now.
This is the chart setup for this signal, which looks pretty good at the moment. The sellers are already active this morning so let’s hope we get back what we gave to the market yesterday.
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