Triangle & Tweezers Bottom Rolling GBP/JPY – UK GDP Surprises
Arslan Butt • 1 min read
The British gross domestic product (GDP) increased by 0.2% in the three months to February 2019. Following three-month estimates are determined by comparing GDP in three months with GDP in the previous three-month period, for example, GDP in December to February compared with the past September to November.
On the other hand, the manufacturing figure surged dramatically by 0.9% vs. 0.2% forecast. Sterling seems to gain a bullish momentum.
So it was a good idea to close the trade with 15 pips profit. My intuition was suggesting that GDP and Manufacturing data can distort the technical analysis.
GBP/JPY has reversed after testing 144.850 support area and it’s very likely to face resistance around 145.600. Zooming in on the 4-hour chart, we can see that the pair has closed a tweezers bottom candlestick pattern which is signaling a bullish reversal in the market.
I’m considering another buy position above 144.850 along with a stop loss below 144.60 and take profit of 145.600.