Sell GBPJPY CPI Data

The GBP/JPY pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined bearish wedge pattern. This suggests a potential acceleration of the downtrend and a higher likelihood of further declines in the coming hours.

Key Points:

Sell Entry: Consider entering a short position (selling) below the broken support line of the wedge, ideally around 192.80. This offers an entry point close to the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the following points:
190.72: This represents the height of the wedge, measured from the wedge's peak to the breakout point, projected downwards from the breakout.
190.20: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.

Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the wedge, ideally around 193.00. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

Thank you.

Trade active:

Weak UK Economic Data: The recent weak retail sales data and concerns about a potential recession in the UK continue to weigh on the Pound.

Comment:

Trade closed: target reached