We had seen a very bullish trend accompanied by high volatility in gold trading instruments. The price however, had done some downward pullback which i assume will be ending soon. We can see that the price make a sideway movement for a few hours in the yellow box and broke upward signaling the price is ready for another bull run.
During the end of last week’s trading session, we can see that this pair made a sideway movement signaling uncertainty in the direction of price. Since the support of the ranging market was penetrated, it shows the presence of selling pressure. Trade safely! Telegram channel : t.me
Last week gbpjpy experiences a downtrend which was a retracement on H4 timeframe. It is possible for GBPJPY to continue its uptrend now. Due to this, I am going for long position. Drop a comment below, lets open a discussion. Trade safely! My telegram channel : t.me
There are no sign of strong buying momentum yet, so I am going to short this pair the the marked zone. Why the zone is there? Market tend to try to close the gap they make before continuing going in the current trend which is downtrend. My telegram channel : t.me
Many support levels were broken this week due to the selling pressure. As long as we don’t see any buying pressure, we are better off to initiate a short position rather than long position. Trade safely !
Few hours ago I shorted GBPJPY at 146.450 and closed all my position a moment ago. I believe that GBPJPY is still on selling pressure, but I want to try shorting another position in the new zone that the price might reach if an upward pullback were to happen. I am targeting to hold this position until the area of 145.200 - 145.000 ( support area ). Trade safely!
The price has broken the support level of 146.600 signaling a possible downtrend. I upward pullback to take place soon, but I am not placing a buy order due to the pessimistic market of GBPJPY. I am focusing to short GBPJPY in the zone. Trade Safely!