GBP/JPY Breakout Truns to be Fakeout – Bearish Gartley In Play - Forex News by FX Leaders

GBP/JPY Breakout Truns to be Fakeout – Bearish Gartley In Play

Posted Friday, October 5, 2018 by
Arslan Butt • 1 min read

Our forex trading signal on GBP/JPY knocked off at the stop as a pretty strong bullish breakout setup turned out to be a fake out. As you can see on the hourly chart, the pair broke out of the triple top pattern which was providing it a strong resistance at 148.500.

GBP/JPY has formed a double top pattern which is providing a solid resistance at 148.500. We jumped in the buying trade as soon as the pair broke the 148.500 resistance. But the market reversed back below 148.500.

For the moment, the Japanese cross has formed a bearish Gartley pattern which is signaling a bearish bias of investors. The GBP/JPY has an immediate resistance at 148.500 while support prevails at 148.200.

GBP/JPY – Trade Plan

The idea is to stay bearish below 148.500 to target 148. Whereas, I will be looking to take another bullish trade above 148.500 to target 149. Good luck!

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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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