Another pair trending down that was expected to follow the trend for this week. A point of attention is the soft level around 138.427 which offered a couple of supports and resistances in the last quarter. Once we have a price confirmation below that, we have a setup with a SL above the other day's bar (around 141.622), a first TP around the first support at 135.000 and a second TP around the other support at 130.350
UPDATE at market close on 16 Jan 2017: The Gap at the opening at today's session potentially invalidated the strategy; hovever at present the indicators are pointing South; potential acceleration point below the 137.00 level! #GBPJPY #SHORT
UK's Prime Minister's speech today had a huge impact on the GBP, and in the opposite direction as expected.
Will have to wait for reassessment and consolidation to see if this set-up is validated later on.
Will have to wait for reassessment and consolidation to see if this set-up is validated later on.