Guppy(GBPJPY) declined sharply last week after having retraced to the 147 mark. The sell-off happened after ECB's rate hike event and was quite expected.
Currently, the pair is trading at 146.64 and it is approaching a very important area.
As you can see from the chart, price has now touched the green line which has acted as a support area for more than a year. In the previous 5 occasions, the pair has bounced back sharply after it touched the green line.
So, it would be interesting to see if something similar happens this time as well.
TRADING SET-UP FOR THE WEEK 6-10 August
Look for long entries in the area 144.35-144.57 if price shows some signs of reversal. TP1: 145.80, TP2:146.30
On the contrary, if price breaks the green rectangle area strongly, price is likely to visit the 143 area.
Currently, the pair is trading at 146.64 and it is approaching a very important area.
As you can see from the chart, price has now touched the green line which has acted as a support area for more than a year. In the previous 5 occasions, the pair has bounced back sharply after it touched the green line.
So, it would be interesting to see if something similar happens this time as well.
TRADING SET-UP FOR THE WEEK 6-10 August
Look for long entries in the area 144.35-144.57 if price shows some signs of reversal. TP1: 145.80, TP2:146.30
On the contrary, if price breaks the green rectangle area strongly, price is likely to visit the 143 area.
Trade active
Bought at 144.35 as per plan. SL:143.78, TP as mentioned in chart and analysisTrade closed manually
Closed @144.27. Price not showing any signs of reversalTrade active
Entered again at 144.12
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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.
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.