GBPJPY, after producing a double top has been heading towards the South with good selling pressure. The pair, on this selling wave, has been having a little consolidation and going towards the downside. The pair seems to have found a strong level of support. The price had a bounce and started having a correction. A level which has the potential to be a strong level of support is nearby. Thus, sellers are going to be keen again to get an H4 bearish reversal candle and another breakout towards the downside to start selling the pair again. Let us have a look at the H4 GBPJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The price started having a correction from the level of 144.550. The level of 144.950 has a strong potential to be the level of resistance for various factors. If that level is held and it ends up producing an H4 bearish engulfing candle, then an H1 breakout at the level of 144.550 would drive the price to go towards the level of 143.900 with a good pace. Summary of the trade…
- Sell Stop Order: 144.571
- Stop Loss: 145.015
- Take Profit: 143.900
The GBP has been a bit inconsistent currency for some months. The Brexit issue has made the currency be a little inconsistent nowadays. This is why we see almost all the candles on GBPJPY have long spikes. However, the good thing is the selling/buying momentums are there. Considering the circumstances, it is better that traders do not use too big time frames to trade on the GBP pairs.
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