GBPJPY Hit +40 Pips Profit – Get Ready for the Next Trade!
Arslan Butt • 1 min read
On Monday, our forex trading signal secured another 40 pips on Guppy. The Sterling is in massive demand since the release of BOE monetary policy decisions. Let's take a look at the pair.
Technical Overview – GBPJPY
The GBPJPY continues to trade bullish over the weak demand for Japanese Yen and towered to trade at $151.250. On the daily chart, the Guppy is still stuck in the overbought zone which is why I'm not confident taking buying positions in it.
GBPJPY – 4 Hour Chart – Fibonacci Retracement
At the moment, it's holding at $151.250 and 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.
Key Trading Level: 150.74
GBPJPY – Trading Plan
Today, the idea is to stay in sell below $151.250 with a stop loss above $151.55 and take profit at $150.650 and $150.250. Good luck and keep following for more updates!