GBPJPY Hit +40 Pips Profit – Get Ready for the Next Trade! - Forex News by FX Leaders

GBPJPY Hit +40 Pips Profit – Get Ready for the Next Trade!

Posted Tuesday, September 19, 2017 by
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 RetracementGBPJPY – 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.

Support     Resistance

149.98       151.35

149.37       152.11

148.61       152.72

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!

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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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