We've watched GJ all week sink to the key level of 140. If we can see 140 hold in the next coming days, taking this pair long (depending on the GDP numbers).
A major confluence for this pair is to take the high to the low of the previous , which was in between 148 and 144. This 400 range has been duplicated on the almost 9 previous days in a row, where we can now look for both an entry point and a target. Our target will be taken from the most recent significant market high at 146.5 and look to either the 50% or 61.8% fib of the current swing high- swing low in market structure for an easy +300 pips. Entry will be key on this pair, and don't expect it to shoot up over night. There will be manipulation this week around the GDP figures, so if you are risk averse stay away from GBP in general until further notice.
The 4-hr descending trend-line HAS been broken, and we look to enter long on a retest of it around 140. This is our optimal entry.
We look just below the key level of 144 to our target of 143.816, for a +380 pip profit to the upside.
Upon a verified entry, we would have to be at least 30 pips below the previous low at 139.549. This would be around an 80 pip stop-loss.
Waiting for a retest of the descending and the key level of 140 would play to your advantage in getting the tightest possible stop-loss with enough breathing room to withstand a stop-hunt.