Selling the Retrace Up in EUR/GBP Again

Skerdian Meta•Monday, March 15, 2021•1 min read

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.

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 See More

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.