Many Lutherans make the sign of the cross, and most people consider Lutherans to be Protestant.
I can’t speak to other denominations.
Google reports that the Methodists do too.
Also: Reformed Tradition
In some Reformed churches, such as the PCUSA and the Cumberland Presbyterian Church, the sign of the cross is used on the foreheads during baptism or during an Ash Wednesday service when ashes are imposed on the forehead. The sign of the cross in some instances is used during Communion.
In some instances during a Benediction, when the minister concludes the service using the trinitarian blessing, a hand is extended and a sign of the cross is made out toward the congregation. This type of benediction is seen in quite a few High Presbyterian congregations, especially on the East Coast of the USA and in Scotland, (The Church of Scotland) which is Presbyterian as in St. Giles Cathedral in Edinburgh.
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Apparently the Apostles first used it.
From: THE SIGN OF THE CROSS - Catholic Tradition http://www.catholictradition.org/Classics/signum-crucis.htm
It was first instituted by the Apostles themselves, who, invested with the authority ... The Gospel also declares to us that when He shall come at the last day to judge the world, the sacred sign of the Cross shall appear in the heavens, ... be the disciples of the Cross, and none but they, whom He will acknowledge for His Own.
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So we are following a 2000 year old tradition.
Good to learn that.
This devotion is one of many customs and teachings among Lutherans which validate the description offered half a century ago by (then) Lutheran World Federation President Rev. Dr. Franklin Clark Fry:
Lutherans are bridge church; not truly Catholic and not really Protestant.