The 50 SMA Holds for NZD/USD – Forex News by FX Leaders

Earlier today we bought EUR/GBP as this pair was retracing down. The pullback seemed complete on the H1 time-frame chart and the bullish reversal started taking place this morning. But the comments from the Irish PM Vardakar that he is OK with another extension of Brexit until winter reversed the price again.

But as you can see from the H4 chart above, the 50 SMA (yellow) provided support and the price has bounced 20 pips higher from it. It was pierced for a minute, but the  price reversed and it is now above the opening level of our signal here. So, we’re holding on to this trade, hoping that the bullish trend which has lasted for nearly a month will resume soon.

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