EUR/GBP short position on the middle-term down trend

EUR/GBP 17.04.2017

Time frame D1

Middle-term down trend, lower bottoms. The price pierced main diagonal support, which gives us signal that the short movement is continuing.

Technical indicators:

DeM(14) – Crossing level 0.3 – negative signal

CCI(50) – Crossing level -100 which means that negative sentiment is still on

Deadly crossing of SMA 50 and SMA 200 – the price is below the moving averages – negative signal

SL: 0.605

Alternative scenario: If the price pulls back above the diagonal support and make higher bottom and top , the negative scenario will be dismissed.

Trader Bozhidar Arabadzhiev

 Varchev Traders

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