GBP has been weak since late yesterday and has steadily sold off and this sell off has been accelerated by the CPI miss this morning at 07:00 where the expected CPI reading of 4.1% missed by .1%.
GBP has sold off aggresively since and there no sign that this sell off has finished.
I'm SHORT GBP/JPY where price is breaking down support at 188.94.
There's quite a decent amount of support under the current price coming in at 188.68 which is the 100 EMA on H1 and WPP mid pivot.
If price can break through these levels we should be good to reach 188.14 which is the 200 EMA on H1.
The Andean Oscillator is adding weight to the analysis as we can see the red SELL line is advancing and coming to meet the signal line.
There is a potential market mover at 15:00 BOE Governor Bailey is on his feet.
STOP for this trade is tight at 189.14.
GBP has sold off aggresively since and there no sign that this sell off has finished.
I'm SHORT GBP/JPY where price is breaking down support at 188.94.
There's quite a decent amount of support under the current price coming in at 188.68 which is the 100 EMA on H1 and WPP mid pivot.
If price can break through these levels we should be good to reach 188.14 which is the 200 EMA on H1.
The Andean Oscillator is adding weight to the analysis as we can see the red SELL line is advancing and coming to meet the signal line.
There is a potential market mover at 15:00 BOE Governor Bailey is on his feet.
STOP for this trade is tight at 189.14.