Triangle Fakeout Fails GBP/JPY Signal – What’s Next? - Forex News by FX Leaders

Triangle Fakeout Fails GBP/JPY Signal – What’s Next?

Posted Tuesday, September 18, 2018 by
Arslan Butt • 1 min read

What’s up, everyone.

The lack of economic events is causing a thin trading volume and volatility in the market. Which is why the market isn’t moving much but trading in sideways patterns. Same happened to FX Leaders GBP/JPY trading signal and we faced stop loss.

Looking at the 4- hour chart, the GBP/JPY indicated a breakout at 147.350 which was supposed to lead the pair towards 147.750. But the market reversed due to lack of trading volume. For now, the bullish trendline is providing a nice support near 147 and the violation of support can cause a further sell-off in the GBP/JPY.

On the upper side, the pair can stay bullish above 146.85 and it may remain bullish until 147.650. All the best!

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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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