Market Outlook and Analysis (Oct2019 Week2)
Currency Pair: GBPJPY
Fundamental Analysis – GBPJPY
The Brexit negotiation seems to be hitting a deadlock again. The previous UK PM Theresa May, got the agreement from the EU leaders but was stopped by the UK parliament. This time around, Boris Johnson has gotten the backing of the UK Parliament to negotiate, but the EU leaders appears poised to reject his latest proposals. Giving him one more week to improve this Brexit plans.
Technical Analysis – GBPJPY
GBPJPY H4 Chart: (Trade Review) – Took Profits on half a position with (+225pips) profits.
Trade has been running since the 17th Sept and it finally hit TP1 on the 1st Oct. Closed half the positions with a +225pips profit. However, the Stop Loss levels have already been shifted to protect some profits if the price starts going against me. The remaining positions are with a target at 130.08.
GBPJPY D1 Chart – Bearish move intact.
The downwards move since the completion of the Bearish Bat looks intact. The Daily RSI reading is around 30, not yet into the oversold region. Indicating that there could be more downside to come in the coming week. As long as it stays below 132, I would expect more downside to come.
GBPJPY H4 Chart – Profit Trendline as an indication to protect profits
I would pay attention to the Profit Trend Line to decide to whether to protect the profits for the remaining open short positions. Still with a bearish bias towards the 130.08 targets.
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