Hello All!
๐ Long-Term Trading Idea โ Short GBP/JPY ๐
On the daily chart of GBP/JPY, a triangle in wave B of a potential zigzag appears to have formed. A breakout below 189.98 will confirm this pattern and could trigger a long-term decline.
๐ Trade Setup:
๐น Entry: After a breakout below 189.98
๐น Target Zone: 172.00โ177.00
๐น Expected Duration: 1โ3 months
๐น Risk/Reward Ratio: 1:10
โ Fundamental Catalyst:
Tomorrow, the Bank of England will announce its interest rate decision. If the BOE cuts rates, the difference between the UK and Japanโs interest rates will narrow significantly, potentially fueling the expected downside move.
โก Conclusion:
If 189.98 breaks and the BOE lowers rates, we anticipate a strong bearish impulse. Stay tuned for the Bank of Englandโs decision and be ready for potential short opportunities!
๐ Long-Term Trading Idea โ Short GBP/JPY ๐
On the daily chart of GBP/JPY, a triangle in wave B of a potential zigzag appears to have formed. A breakout below 189.98 will confirm this pattern and could trigger a long-term decline.
๐ Trade Setup:
๐น Entry: After a breakout below 189.98
๐น Target Zone: 172.00โ177.00
๐น Expected Duration: 1โ3 months
๐น Risk/Reward Ratio: 1:10
โ Fundamental Catalyst:
Tomorrow, the Bank of England will announce its interest rate decision. If the BOE cuts rates, the difference between the UK and Japanโs interest rates will narrow significantly, potentially fueling the expected downside move.
โก Conclusion:
If 189.98 breaks and the BOE lowers rates, we anticipate a strong bearish impulse. Stay tuned for the Bank of Englandโs decision and be ready for potential short opportunities!
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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.
Related publications
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.