This trade analysis is part of my diary. Please let me know if it was helful but also your suggestion for improvements
GBPJPY0.13% this week's price action will either open the door for the continuation of bearish trend or new bullishness.
Fundamentally speaking GBP after the BOE statement gained some momentum as BOE was hawkish in it's comments and mentioned that they would rather raise then cut the rates. This is the total opposite to the BOJ where there is 0 chances of rates hikes. Fundamentally speaking GBP should be stronger than JPY0.15% .
Technically speaking pair just formed HH after HL however didn't give us anticipated HL. This is not bearish signal but it;s not bullish neither.
From the technical prospective we are looking on the bearish trend and this is certainly place where bear would sell. Price is below monthly and yearly pivot which is significant resistance.
I would like to see persuading price action before I joint bullish move.
GBPJPY0.13% this week's price action will either open the door for the continuation of bearish trend or new bullishness.
Fundamentally speaking GBP after the BOE statement gained some momentum as BOE was hawkish in it's comments and mentioned that they would rather raise then cut the rates. This is the total opposite to the BOJ where there is 0 chances of rates hikes. Fundamentally speaking GBP should be stronger than JPY0.15% .
Technically speaking pair just formed HH after HL however didn't give us anticipated HL. This is not bearish signal but it;s not bullish neither.
From the technical prospective we are looking on the bearish trend and this is certainly place where bear would sell. Price is below monthly and yearly pivot which is significant resistance.
I would like to see persuading price action before I joint bullish move.