Selling the Retrace Up in EUR/GBP Again

As we have mentioned quite a few times recently, EUR/GBP has been bearish since the beginning of this year. The Euro has turned bearish, with EUR/USD losing around 4 cents as it fell below 1.20, while GBP/USD has held up better.

In fact, this pair is around 5 cents up from the beginning of the year, hence the decline in EUR/GBP. EUR/GBP has lost around 7 cents from the top and it has been finding solid resistance at moving averages on the H4 chart during this time.

We have opened quite a few forex signals in this pair, selling it during the retraces at moving averages. We opened a sell signal at the end of last week which closed in profit last night, while we did so again a while ago, as the price retraced higher again. We sold EUR/GBP at the 50 SMA once again and our trade is 10 pips in profit already as this moving average rejects the price again.

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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.

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