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50 SMA Resistance Find EUR/GBP

EUR/GBP -H4 Chart

Author : Ahsanur Rahman

Recently EUR/GBP was following higher and we chose to open a sell forex signal in this pair. This pair turned bearish by the center of October after UK Prime Minister Boris Johnson and the EU arrived at a Brexit bargain, which sent the GBP flooding and EUR/GBP plunging lower.

The exchange understanding among US and China likewise improved the supposition in those days, in spite of the fact that the "Stage One" bargain isn't so sure at this point. During the main couple of weeks, the pattern was extremely solid, which cam be seen by the 20 SMA (dim) which was giving obstruction on the H4 time span diagram.

The pattern eased back in the next weeks and the enormous moving midpoints, for example, the 50 SMA (yellow) and the 100 SMA (green) transformed into opposition once they got up to speed with the cost. A week ago, the downtrend continued again after a solidification period, yet yesterday this pair was backtracking higher.

We chose to go short on EUR/GBP when the value arrived at the 50 SMA. The backtrack was finished, with stochastic being overbought on the H4 graph, so a bearish turning around design had framed. Today we see that the cost is switching down, so the 50 SMA worked admirably in giving obstruction. Presently we are clutching our exchange here.

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