Bullish Channel In GBP/JPY – An Update on Trading Signal

GBP/JPY trades bullish, coming out of the narrow range. A couple of hours ago, we shared a forex trading signal on GBP/JPY to stay bullish..


GBP/JPY trades bullish, after coming out of the narrow range. A couple of hours ago, we shared a forex trading signal on GBP/JPY to stay bullish above 148.92 to target 149.350. Is it worth keeping it now? Yes, it is and here’s the reason…

The GBP/JPY is offering a nice trade setup on the 4-hour chart. For instance, the cross pair has entered the overbought zone, signifying chances of correction. However, a bullish engulfing above 148.750 is signaling a strong bullish bias of traders.

GBP/JPY is trading in a bullish channel, which is supporting the pair near 148.330 and can be a hurdle near 149.500.

GBP/JPY - 4 Hour Chart
Sterling has strived to capitalize in recent weeks on hints that the economy is growing because of rising uncertainty over whether Britain can achieve a trade deal with the European Union before it moves out of the bloc in March 2019.
In addition, the investors are expecting the Bank of England to hike interest rates in August but the Sterling has fallen since April partly because of a conflict between May and members of her party who feel she wants to keep Britain too closely bound to Brussels.

Anyway, I’m still expecting our GBP/JPY trade to hit take profit of 149.22. Traders are advised to move their stop loss at breakeven points.

GBP/JPY – Key Trading Levels

Support Resistance
148.93 149.11
148.88 149.16
148.79 149.25
Key Trading Level: 149.02

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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