Market Outlook and Analysis (Oct2019 Week1)
Currency Pair: GBPJPY
Fundamental Analysis – GBPJPY
As the clock ticks down towards the 31st Oct deadline, the market is becoming less optimistic that the UK government can negotiate a deal. The idea of a possible ‘No Deal’ scenario is alive.
Expecting a very light events calendar for the GBP and JPY. There is only the Current Account data for the GBP to be released on the 30th Sept 430pm (+8GMT)
Technical Analysis – GBPJPY
GBPJPY H4 Chart: (Trade Review) – Shorts currently sitting on +158pips profit.
Triggered a short on the Bearish Bat Pattern. Price tested PtX several times and finally dropped. Currently sitting on a +158pips profit, can consider taking partial profits at 132.00
GBPJPY D1 Chart – Bearish Bat Pattern Completion at Sell Zone.
Downward pressure slowing down towards the end of the trading week. Pay attention to the intermediate support zone at 132.00. The Current Account data from the UK could easily push the price to test this support zone.
GBPJPY H4 Chart – A new downtrend established on the H4
With the Bearish bias, I would be looking for continuation pattern (bear flag & pennants) to trade all the way down. Barring any new fundamental development from the Brexit negotiation, we could be expecting this pair to head towards 132.20 and 130.50.
A Special Invitation to you
Calling out to those of you who are based here in Singapore. We are running a 3-hr Workshop on the 10th October (7pm). Best suited for people who are open to explore Forex Trading, currently trading but still not getting the results your desire and for those who wants to make a difference in their Financial Goals.
Register HERE today, bring your friend whom you think will benefit from this session. Growing our Trading Community together.
September has been an amazing month for us, and expecting October to be even better.