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Over 100 Pips Profit in GBP/JPY – Sterling Crashes Ahead of Brexit Vote

What an exciting day it is. GBP/JPY just brought us more than 100 pips take profit. The sell-off triggered right after we shared a bearish trade setup on FX Leaders. The technical indicators were lining up for a bearish setup and the investors felt less confidence in the GBP over Brexit Votes.

Well, the sell-off was triggered over the latest remarks from the Geoffrey Cox, the Member of Parliament of the United Kingdom. He said:

  • Theresa May’s new deal will ‘reduce the risk’ that Britain could be indefinitely trapped in the Customs Union.
  • There is ‘no internationally lawful means of exiting’ the backstop if the EU is not acting in bad faith
  • The legal risk remains unchanged through no such demonstrable failure of either party, but simply because of intractable differences.

At present, I will be looking for a strong buying level to capture quick retracement. Technically, 143.800 seems like a safe level to jump in buying today. But be careful, the risk still prevails as investors await Brexit Parliamentary vote.

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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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