Why is it because of the US Trade balance?
If so may be you are right. but by how much it will go, it is doubtful
Ignored
No, I said BEFORE NY opens....
A large percentage of the time there is a retracement(usually 50% of the spike) after a spike in gbp.jpy. It's quite surprising there hasn't been one yet. We'll see if one still happens or not before NY opens. This pair has the POTENTIAL to tackle 234.40 at an extreme level during NY depending on the data.
I've got a long at 235.50 that I'll close within the hour. I prefer to be flat before the news and go from there.
No, I said BEFORE NY opens....
A large percentage of the time there is a retracement(usually 50% of the spike) after a spike in gbp.jpy. It's quite surprising there hasn't been one yet. We'll see if one still happens or not before NY opens. This pair has the POTENTIAL to tackle 234.40 at an extreme level during NY depending on the data.
I've got a long at 235.50 that I'll close within the hour. I prefer to be flat before the news and go from there.
What is your expert analysis?
Ignored
Hah EXPERT!!!
Common friend I am a modest trader, but curious to make my own study.
What my study says is that GBP is all set to go up now. But yes if the US reading turn favourable to USD it may go down but may be by just 50 pips. There is a minor provision for that.
After that it is all set to go up by at least 150 pips or so. ( with some ups and downs).
This is based on 4H chart.
It is just my reading.
I have been watching that as well but this pair has killed me this week. Each time I go long I get stopped out. Looks like it's been pushing against 235.92 for the past nine hours.
Ive been stopped out on about half of my positions, (and I use huge stops) so I will wait till it really demonstrates its moving up before going long again.
Double bottom forming, lets see if it holds.
Edit: guys you should look at putting a stop under 234.80, that's an important fib line so it should provide some support.
JPY Trade balnce did not have much effect it seems.
The GBP news and USD news will move GBP to the northwards, if the curent forecast stands. The indicators too favour a northward jump.
Just my reading.
Right now the pair is trading in a sideways channel (235.36-238.79) and it just bounced off of the bottom. If it overcomes the resistance at 236.29, it could go up first to the downward trendline, and if that doesn't hold, to the upper channel line of 238.79. On the downside, a breach of 235.36 could be a good place to short it. A clear breakout from the sideways channel in either direction could establish the longer term trend.
