Market Outlook and Analysis (Nov2019 Week2)
Currency Pair: GBPJPY
Fundamental Analysis – GBPJPY
Halloween came and gone. Opps… I mean the Brexit deadline came and gone but the UK is still in the EU. The EU has yet again extended the deadline, this time to the 31st Jan 2020. The UK will be going through an election on the 12th Dec 2019 to garner a stable majority to work on the Brexit process.
This was the same situation when Theresa May was ousted from her post as the UK PM.
The BJ has continued to keep the interest rates low to continue stimulating the economy.
Technical Analysis – GBPJPY
GBPJPY H4 Chart: (Trade Review) – Headed nowhere, exited trade with (+77pips)
The pair was heading nowhere. Hanging on further onto this and hoping for a positive outcome, I felt, was borderline gambling. Sticking to my rules on Profit TL, exited the trade with a +77pip profit.
GBPJPY D1 Chart: Potential Bearish Bat Completing higher
Back to the initial analysis on the pair. Spotted a potential Bearish Bat pattern completing higher. At this point of time, traders will probably have to stay patient in coming weeks trading this pair.
GBPJPY H4 Chart – Continuation Pattern Higher?
For a move up to complete the bearish Bat Pattern on the Daily chart, could we be expecting a Triangle Continuation pattern higher? Will trade this according to how price reacts this coming week.
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