GBPJPY Hit 70 Pips Profit – Are you up for Next Trade? - Forex News by FX Leaders

GBPJPY Hit 70 Pips Profit – Are you up for Next Trade?

Posted Monday, September 18, 2017 by
Arslan Butt • 1 min read

What's up traders, hope you are enjoying our forex trading signals on GBPJPY as we closed another +60 Pips trade on Friday. During the last week, we matured +215 Pips merely in the Guppy. Are you looking for a new trade setup? Let's crack it…

GBPJPY: Technical Overview

The Guppy soared to trade at $151.014 after the Bank of England remained neutral over the interest rates hikes. On the 4-hour timeframe, the GBPJPY is holding below a major resistance level of $151.250.

GBPJPY - 4 Hour Chart - Fibonacci Retracement GBPJPY – 4 Hour Chart – Fibonacci Retracement

Traders, take a look at the RSI, the pair is heavily overbought that's why I'm always taking sell trades to catch retracement. For now, the next resistance is at $151.450. Below this, the pair can drop to complete the 23.6% Fibonacci retracement at $150.350 and 38.2% retracement at $149.650. Newbies should check out FX Leaders Fibonacci Trading Strategy to ensure profitable decisions.

GBPJPY – Trading Plan

I just shared a forex trading signal to sell below $151.250 with a stop loss above $151.50 and a take profit at $150.650. Good luck and keep following for more updates!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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