TECHNICAL
Reason 1:
- Price confined between two trend-lines since 30/05/2018
- Bullish move from 21/06/2018 now touched and formed a rejection candle off the top trend line resistance
Reason 2:
- 0.88 Physchological level acted as resistance, coinciding with the rejection of the trend-line
Reason 3:
- Price formed a higher low on 30/05/2018 - 14/06/2018, however this was printed as a lower low on the RSI chart
- Indicates bearish
FUNDAMENTALS
- "Hawkish MPC vote split revives August rate hike prospects and lifts the British Pound" fxstreet.com/news/gbp-jpy-surges-to-14600-neighborhood-on-hawkish-boe-vote-split-201806211105
- Euro involved in trade spat with USA, if this were to continue or ramp up will provide weakness for the Euro.
-Appreciate any thoughts, comments. Constructive criticism only please, thanks for reading.
James
Reason 1:
- Price confined between two trend-lines since 30/05/2018
- Bullish move from 21/06/2018 now touched and formed a rejection candle off the top trend line resistance
Reason 2:
- 0.88 Physchological level acted as resistance, coinciding with the rejection of the trend-line
Reason 3:
- Price formed a higher low on 30/05/2018 - 14/06/2018, however this was printed as a lower low on the RSI chart
- Indicates bearish
FUNDAMENTALS
- "Hawkish MPC vote split revives August rate hike prospects and lifts the British Pound" fxstreet.com/news/gbp-jpy-surges-to-14600-neighborhood-on-hawkish-boe-vote-split-201806211105
- Euro involved in trade spat with USA, if this were to continue or ramp up will provide weakness for the Euro.
-Appreciate any thoughts, comments. Constructive criticism only please, thanks for reading.
James
Note
- Retesting 0.88 level again, waiting for the IFO business climate figure to see which way it goesNote
False break X 2
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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.