Swing Trade Setup in GBPJPY – Are you ready to make +200 Pips?

The Guppy is trending upward very nicely, making a bullish move of more than 300 pips just in two trading days. Our forex trading signal ba


The Guppy is trending upward very nicely, making a bullish move of more than 300 pips just in two trading days. Our forex trading signal bagged most of it. Now, I'm looking for another 200 pips trades in it. Are you up for it?

 

Two Reasons Behind Bullish GBPJPY

FX junkies are wondering the reasons behind this huge bullish wave in the GBPJPY. Well, there are two reasons for this.

 

Firstly, the U.K Consumer Prices Index rose by 2.9% in August 2017 up from 2.6% in July 2017. It definitely will pressure the Bank of England to hike the interest rates like the Bank of Canada and Federal Reserve.

 

Secondly, the geopolitical tensions between North Korea and the United States are easing as there is no update fueling the safe haven demand. In response, the investors are shifting towards risky investments like stocks and forex.

 

Technical View – W Pattern

On the daily time frame, the GBPJPY has formed a double top at $147.600, and it's heading in the same direction. The pair testing the same level again will make it a triple top pattern or a W pattern.

GBPJPY - Daily Chart - Triple TopGBPJPY – Daily Chart – Triple Top

The Stochastic & RSI is holding at 100 in the daily chart encouraging buyers to take profit. Sellers may enter the market to take advantage of overprices currency pair.

 

GBP/JPY – Trading Plan

The idea is to stay in selling below $147.550 with a stop below $148 to target the $145 and $144.65. Good luck.

 
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers