It’s all about the pound on today’s canvas, as I bring to you forex trade opportunities on GBP/JPY and GBP/CHF. Check ’em out while they’re hot!
After breaking above what looks like an ascending triangle on the daily, GBP/JPY has hit resistance and is heading fast towards the broken triangle pattern.
The 147.50 area is the level to watch since it not only lines up with a 38.2% Fibonacci retracement, but also the broken triangle resistance that we are talking about. Stochastic has also yet to visit the oversold zone, so y’all still have time to make your trading plans before we see any bounce on this one.
Think the pound will soon regain its momentum against the yen? Buying around the 147.50 is a pretty good bet if you think the yen will see more losses in the days ahead.
If you’re of them pound bears, though, then you can also short at current prices and aim for short-term shorts until you see the first signs of a bounce. Either way, make sure you make good risk management decisions when executing your trades!
GBP/CHF has found resistance somewhere in the 1.3100 area, which isn’t far from the long-term range resistance that hasn’t been broken since July 2016.
Will the bulls get back their mojo and push for a bounce from the 1.2900 area of interest? Or will the bears drag it back down to the 1.2700 mid-range or 1.2300 range support levels before we see a bounce for the pound?
Keep close tabs on this one, brothas!