GJ has been moving inside of its channel between 187.3 and 188.5 for almost 3 trading weeks. Last week price broke out of its supporting trendline that been holding the price for quite some time and now. It has fallen through its strong support around 187.3, it is now in free fall as the next major support lies at 185.9. As the price is making this correction it is on its way to retest the last high it broke which might pre sent itself as an opportunity for long positions.
Right now, we are holding our positions, we entered at the resistance around 188.4 and added some additional positions after it broke the support. We are expecting for the price to get down the 185.9 support, while taking some profit at 186.4 or if the sentiment changes around the pair.
For now, GJ is still in a strong overall uptrend, with retail traders leaning to the short side and institutions to the long side, it is expected for the pair to continue to the upside. On Thursday the UK is giving its monetary policy report and summary with the official bank rate, so great volatility is expected. We are giving all our positions to our clients.
Right now, we are holding our positions, we entered at the resistance around 188.4 and added some additional positions after it broke the support. We are expecting for the price to get down the 185.9 support, while taking some profit at 186.4 or if the sentiment changes around the pair.
For now, GJ is still in a strong overall uptrend, with retail traders leaning to the short side and institutions to the long side, it is expected for the pair to continue to the upside. On Thursday the UK is giving its monetary policy report and summary with the official bank rate, so great volatility is expected. We are giving all our positions to our clients.