Missed the Train to Sell EUR/GBP Today - Forex News by FX Leaders
The stochastic indicator was also overbought at the time of reversal

Missed the Train to Sell EUR/GBP Today

Posted Wednesday, October 28, 2020 by
Skerdian Meta • 1 min read

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.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of