GBP - Sentiment is not good, but a retracement is on!
GBPJPY took a bit of a hammering towards the end of last week due to some disapointing econmic data and I feel that this will weight on other GBP pairs. However the Yen (JPY) is weak and this instrument is oversold shown by the Stochastic indicator. A nice chanel has formed on the top and I feel a bounce aroud the lower trendline for a mid way retracement is due. I'm long with stopsunder the lower trend line, I will split my trades to take profit at the half way move and then move my stoploss up to the mid point if it continues tomake another Higher high.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.