EUR/GBP ticks lower as 61.8% Fibo level gives hard time!

Posted Thursday, September 6, 2018 by
Arslan Butt • 1 min read

The EUR/GBP forex trading signal seems to be doing pretty well for us as it’s floating in more than 20 pips profit by now. The pair completed 61.8% retracement at 0.9015 and was struggling to break above this level. At the same time, the 50 periods EMA was also working as a solid hurdle. That’s when we decided to place a sell order.

For the moment, the EUR/GBP is expected to continue its bearish momentum until 0.8970 and 0.8960. So if you are holding that trade, just make sure to move your stop loss at breakeven points.

Stay tuned to FX Leaders as the real action is yet to begin during the New York session, especially on the release of ADP non-farm payroll and ISM non-manufacturing figures. Good luck!

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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