As shown in the chart, the GBPJPY pair is struggling to break and STAY below the 68.2% Fibonacci level. This may be a chance for a 'long' entry as the 68.2% is a high support level.
Alternatively, if the pair has successfully dropped below 145.600 and closed 1 or 2 "4-hours candles" below this price then it might be a stop loss for the 'long' position and an entry for a 'short' position, but it depends on how much risk you're willing to take. 145.600 is a decent price to buy - if the recently opened 'long' position is small compared to your equity then it is not necessary to place a 'stop-loss' order. Ultimately, it depends on how much risk you're willing to take.
Reminder: BOE is announcing the interest rate decision in August. It is expected that the BOE will raise the interest rate which will strengthen the Pound. On the other hand, if the interest rate is lowered then it will certainly cause a fall in the Sterling.
Alternatively, if the pair has successfully dropped below 145.600 and closed 1 or 2 "4-hours candles" below this price then it might be a stop loss for the 'long' position and an entry for a 'short' position, but it depends on how much risk you're willing to take. 145.600 is a decent price to buy - if the recently opened 'long' position is small compared to your equity then it is not necessary to place a 'stop-loss' order. Ultimately, it depends on how much risk you're willing to take.
Reminder: BOE is announcing the interest rate decision in August. It is expected that the BOE will raise the interest rate which will strengthen the Pound. On the other hand, if the interest rate is lowered then it will certainly cause a fall in the Sterling.