Although US traders cheer extended weekend on Monday, UK PM Boris Johnson’s unlock plan details may help GBPUSD to entertain the markets. That said, the quote bounced off mid-April lows the previous day to regain the status above a five-month-old support line. However, the recovery moves recently fade around a downward sloping trend line from June 16. Hence, bulls...
During the last few days of the week we were able to see a quite big drop on GJ, as beneath there were massive liquidity zones.
Since the overall trend is still bullish we do expect price to push back up in order to take all the sellers' money by triggering their stop loss.
So our institutional profit level will be the previous formed equal highs...
PRICE action is stalling in this resistance area . if we see further rejections when markets open then we can take a nice short position for 200 pips+ if price does not make more rejection then we will not enter.
dont be hesitant and enter the trade without seing further price action especially in the lower time frames.
suggestion: wait for a 15m trendline break...
-brexit coming to an end very soon with a small chance of a deal going together
-another wave of covid in the uk
-price action keeps stalling the upside
-price resisting this area multiple times
-head n shoulders pattern
reason for this trade to not play out: banks might rise the price to take out sellers if the sell is too easy then...
The greenback could fall as Joe Biden takes the keys to the White House .
LET ME KNOW IN THE COMMENT YOUR OPINION ABT THIS SUBJECT, THANKS !
NOTE - Please do your own analysis before taking the trade. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks.
Weekly ideas for FX:GBPJPY GB
Overall bearish trend so I will be looking for more downside from the pound with the news over the weekend of a national lockdown. Expecting a gap down upon market open.
We have US elections on 3rd November which will also play a role in GBP direction (Trump is pro Brexit)...
I will be keeping an eye on these levels of interest.
Okay so higher timeframe breakdown
Weekly - We have a rejection, pin bar from the trendline which is ideal for short positions
Daily - Reacting from the TL also
4h - Bearish PA starting to come into play.
Target first 139.600 area. 120 pip possibility.
Important levels marked in beige, from weekly and daily charts.
Greeting from The Trading Regime!
Our view on GBPJPY to close out the month
of July, is a continuation move to the 1.82/84
Price zone or even higher !
Feel free to comment or share this post below.
We are using .5% risk on this trade with
A risk to reward of 1:3 Target 1.84.... ish
IF news is favourable this Sunday May 10th in Great Britain after talks on new lockdown measures are released (easier).
Im expecting a slight jump in GBP/USD and a little squeeze on the downside of USD/CAD. Therefore Tp1 + Tp2 will be hit and possibility of Take profit 3 at end of next week.
(all Dependant if market conditions are favourable in respect to...