GBP/JPY Takes Profit – Sterling Soars over Brexit News

I hope you enjoyed the quick profit over the GBP/JPY forex trading signal. The GBP soared after the report of the EU Parliament calling for the UK to have privileged single market access after Brexit. I’m out of the trade now, but scanning for the right time to get in.

GBP/JPY – Asymmetric Triangle Pattern

Look at the hourly chart of GBP/JPY below. The cross currency was trading in the asymmetric triangle pattern, which is typically famous for breaking out on either side.

GBPJPY – 120 – Min Chart

We entered the bullish trade on confirmation for the bearish trendline of the triangle pattern was providing a solid resistance at 149.450, which is now violated. 

For the moment, I’m waiting for the market to retrace back to the support level of 149.550, which is extended by the trip top resistance. On a happier note, the pair is likely to face resistance at 150.050 and 150.450.

GBP/JPY – Trading Plan

The idea is to wait for the market to lower to 149.550. Above this mark, I will consider a buy position with a stop below 149.250, taking profit at 150.450.

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.

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