GBP/JPY Takes Profit – Sterling Soars over Brexit News - Forex News by FX Leaders
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GBP/JPY Takes Profit – Sterling Soars over Brexit News

Posted Tuesday, February 20, 2018 by
Arslan Butt • 1 min read

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

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!

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