Welcome to the last trading day of the week, brothas! See if you can make pips from these hot areas of interest on GBP/JPY and GBP/CHF. Check it!
Support alert! GBP/CHF just bounced from the 1.2450 area, a support that hasn’t been broken since early last year.
There’s a slight divergence action going on on the daily time frame so y’all can bet that the bulls are still looking to play this one.
1.2700 and 1.2950 are the major areas to watch if you’re planning on buying the pound.
If you don’t think that the bulls will get their momentum, though, then you could also wait for a break below the 1.2450 support and wait for a trip to new 2018 lows.
Whichever bias you choose to trade, make sure you practice good risk management when you execute your plans, aight?
After breaking below an ascending triangle, GBP/JPY looks like it’s headed back up. Are we looking at a potential break-and-retest situation over here?
The 144.00 area could give the bulls a run for their money because it lines up with a 38.2% Fib and a previous support area. Ditto for the 145.50 level, which lines up with the 50% Fib AND is right around the 100 SMA on the daily time frame.
The pound hasn’t shown any signs of reversing from its bullish momentum yet, so y’all still have time to whip up your trading plans if you’re planning on trading a break-and-retest breakout scenario.