Daily has formed a new low (LL) in big scope view.
Price bounced at support 143.5 + daily channel + daily falling wedges
Oversold condition in daily & weekly
Potential of pullback/retracement before the bears continue
Entry level at 143.5 support level or wait for new high in H4 TF.
Stops at 143
Take Profit at 149 (TP 1), 150 (TP 2), 151 (TP 3).
Macroeconomic approach for GBP is still bullish as inflation is still above 2% target. Hence, potential of Aug hike rate could be price in which will support GBP in the near term. On top of that, Brexit progress is looking positive as Markets are anticipating it to be done sooner or later. Even UK stays or not in the custom union, this could somehow flatten GBP reaction.
JPY to be bearish in long term perspective as their Policy is expected to remain the same until inflation picks up. It will be more reactive towards risk sentiment.
Price bounced at support 143.5 + daily channel + daily falling wedges
Oversold condition in daily & weekly
Potential of pullback/retracement before the bears continue
Entry level at 143.5 support level or wait for new high in H4 TF.
Stops at 143
Take Profit at 149 (TP 1), 150 (TP 2), 151 (TP 3).
Macroeconomic approach for GBP is still bullish as inflation is still above 2% target. Hence, potential of Aug hike rate could be price in which will support GBP in the near term. On top of that, Brexit progress is looking positive as Markets are anticipating it to be done sooner or later. Even UK stays or not in the custom union, this could somehow flatten GBP reaction.
JPY to be bearish in long term perspective as their Policy is expected to remain the same until inflation picks up. It will be more reactive towards risk sentiment.
MARKET THEN BROKE 147 SUPPORT LEVEL INDICATING RESUME OF MAJOR TREND.
NO DEAL BREXIT PROBABILITY INCREASED
LIRA CRISIS SUPPORTING YEN TO STRENGTH.