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

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.

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!