Over 100 Pips Profit in GBP/JPY - Sterling Crashes Ahead of Brexit Vote - Forex News by FX Leaders

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

Posted Tuesday, March 12, 2019 by
Arslan Butt • 1 min read

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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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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