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

GBP/JPY has formed a double top pattern which is providing a solid resistance at 148.500. We jump in the buying trade as soon as the pair...


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!

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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