Sideways Trading in GBP/JPY – is it Gonna Cover the Gap?
Arslan Butt•Monday, May 6, 2019•1 min read
Today, the market is trading the Risk-off sentiment over the uncertainty triggered by the US President Donald Trump. The US President Trump threatened to hike tariffs on $200 billion worth of Chinese imports as the trade talks are taking more time than expected. As a result, the market has experienced a gap in safe-haven assets such as gold and Japanese Yen.
- Similarly, the GBP/JPY has also gapped downward. The British Pound is muted in the wake of May Day Holiday, but the Japanese Yen remains active due to safe-haven appeal.
- The RSI and Stochastics are below 50, suggesting a bearish bias of the market.
- The GBP/JPY pair is likely to gain support around 144.800, extended by the 50 EMA.
- The immediate resistance prevails around 145.500 and 146.460 today.
Support Resistance
145.28 146.99
144.19 147.6
142.49 149.31
Key Trading Level: 145.9
GBP/JPY – Trading Signal
For now, we have shorted the GBP/JPY below 145.500 with a stop loss above 145.69 and take profit around 144.99.
Good luck!
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ABOUT THE AUTHOR
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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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