Long GBP/JPY
Fundamentals:- We have quite a few data announcements out this week which suggest an increase in average hourly earnings, cpi and gdp. After the sell off on the GBP today I would suggest this is just a price correction from Fridays up leg and we should see a further increase on the GBP especially against the weaker currencies such as the JPY.
Technicals:- As you can see from the current 4 hour chart the up leg from 26th October has posted a 50% fib retracement. You could take this trade from the current price but with Brexit uncertainty looming it may be risky. I would like to see a new high on the current 4 hour candle to confirm reversal of the latest downturn.
Technicals:- As you can see from the current 4 hour chart the up leg from 26th October has posted a 50% fib retracement. You could take this trade from the current price but with Brexit uncertainty looming it may be risky. I would like to see a new high on the current 4 hour candle to confirm reversal of the latest downturn.
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