GBP Upside Trend Slowing DOwn

FX:GBPJPY   British Pound / Japanese Yen
224 3 3
Don't get burned if you bet a strong upside momentum specially if it sustains more than 6 months. GBP/JPY             is a classic case study, but now last 3-months GBP seemed to have slowed and created 6-touches at and around 38.2% upside projection line, and now hovering over it plus it may violate ascending support trend-line which could give many seasonal traders to initiate short position. U need to take into account recent macroeconomic news as well as recent slow down of the upside momentum. The First 2 squares had strong upside price movement n were shorter period than the last square but managed to break the upper channel with slow movements. If it moves below the ascending support line expect a quick fall to May lows. If u like it follow us and more to come
I'm not rejecting the possible breakout but my own view of recent weeks' movements only detected slow down of recent upside swing momentum. We will see what happens. Thanks for the feedback.
+1 Reply
HamzaLeith 2waytrading
Don't get me wrong, I think you made a great call with that rising wedge? pattern and what I am suggesting is congruent with your idea, I just think there is room for one more move to the upside before a serious retracement. That is also in line with my expectation of a serious rise in GBPUSD. Time will tell indeed. Keep up the good work!
Not so sure about that drop...here is why..
+1 Reply
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