GBPJPY - Fading the Brexit news

FX:GBPJPY   British Pound / Japanese Yen
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GBPJPY enjoy a great short-term push up due to Brexit hope. However, as Brexit come to an end, GBP pairs might lost it market drivers to push it up more and profit taking action from GBP buyers will take place. On the other hand, if Brexit is not successful, GBP pairs will be forced to move down again. Either way, wait to sell GBP pairs might be a good choice in the next 2 weeks.

- JPY has been selling off lately as market is in risk-on sentiment. However, after these risk events ( US-China Trade dispute and Brexit) cool down, recession and global growth slow down fear will be the main concern again. => good chance for safe haven currency.

Technical perspective:

- GBPJPY run into strong resistance in D1, also a supply zone
- RSI run deeps into the overbought zone with the maximum RSI figures for the last 2 years is around 81 - 83.
Therefore, just wait to sell, long is not encouraged anymore.


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