Market Outlook and Analysis (Nov2019 Week3)
Currency Pair: GBPJPY
Fundamental Analysis – GBPJPY
If there is no UK-EU deal struck by March 2020, the trades between the 2 regions will revert to the WTO rules. According to Roberto Azevedo, the current director general, of the WTO, about half of the UK’s trades are already on the WTO terms. Hence it will probably NOT be a disaster.
Moody’s has warned that they might cut the ratings on the UK sovereign debts again in the Brexit paralysis. All eyes are on the 12 Dec UK elections to break the deadlock of the Brexit negotiations.
Technical Analysis – GBPJPY
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. Nothing much happened in the past week from the Daily chart perspective.
All eyes on the Continuation Triangle Symmetrical Pattern for the rally higher to complete the Bearish Bat pattern
GBPJPY H1 Chart – Patterns on the H1 giving trading opportunities
Note: Just for education purpose only, these trades have all completed and are done with.
Although there were not much movement seen on the Daily chart, the smaller time frame H1 gave many potential trades. Winners, Losers and missed trades in abundance. Another way to trade Harmonic Patterns would be to stick with the TF that you are comfortable with and trade them accordingly. Just trade what you see.
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