Market Outlook and Analysis (Nov2019 Week5)
Currency Pair: GBPJPY
GBPJPY D1 Chart: A Failed Triangle?
Triangles are classical Continuation Pattern. After the breaking up above the Triangle, I was expecting it continue upwards to complete the Bearish Bat on the Daily. If this Failed Triangle is true, then we should be looking for the pair to start heading lower.
In the political front, the rally in the GBP was mainly caused by the lead by the Conservative party in the prior week. Now the market is expecting the Labour Party to close the gap, combined with the US-China tension re-emerging and weak UK PMI data, we could see the pair to extend the weakness.
GBPJPY H4 Chart – Short on Rallies
With the potential weakness in the GBP (hints coming from the failed break up of the Triangle), I am looking for potential Short trades on the pair. One area will be at the Sell Zone around the 140.00 levels. The idea is to take a short on rallies.
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