Trade idea summary- Buy/sell asset: Sell GBP/JPY
- Entry price: 184.163
- Stop loss: 184.848
- Leverage: 3x
- Take profit 1: 183.500
- Take profit 2: 182.600
- Take profit 3: 181.374
- Timeframe: 1 week
- Maximum profit: 4.53%
- Maximum loss: 1.11%
GBPJPY is making lower lows and market structure is turning bearish. Price recently dropped below the previous low of 182.690. The price will probably continue the bearish trend after the correction.
Currently price is making pull-back and will possibly retest 184.163 resistance level. Another confirmation for our sell entry is 0.618 Fibonacci retracement level.
Price will possibly continue its bearish trend and will drop to 181.355 support level.
British Pound fundamental analysis:As of today, there is no major news event that can cause significant volatility in the market.
Price will possibly remain calm.
- Entry for this trade is set at a secure price level.
- Stoploss has been above the previous high and 0.5 Fibonacci level, with the least probability of being hit.
- This trade will possibly extend to the middle of next trading week.
- Good luck
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