Guppy approaching support, possible Bounce and LONG
Updated
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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