British Pound / Japanese YenUpdated Opinion
Harmonic already in place on this pair: All Bearish Butterfly M30, H1, and H4
This pair behavior analysis of 02nd of Feb., the day of the BOE event tells the following, Pair lose steam and deteriorate before the event during the Asian session, then continue losses after that passing by the monetary policy meeting event, last meeting there was no rate change and this meeting no rate change is expected and highly confirmed my BOE language, but May raise is on the table and may happen. The pair started to deteriorate from today's high 150.02 and strolling through the Asian session, Japan opens in 48 minutes
This pair behavior analysis of 02nd of Feb., the day of the BOE event tells the following, Pair lose steam and deteriorate before the event during the Asian session, then continue losses after that passing by the monetary policy meeting event, last meeting there was no rate change and this meeting no rate change is expected and highly confirmed my BOE language, but May raise is on the table and may happen. The pair started to deteriorate from today's high 150.02 and strolling through the Asian session, Japan opens in 48 minutes
Note
UK Retail sales is due @ 0530hrs New York Time, tends to be less than forecast, no retail sales was better than forecast but worse than expected since December 2017 when the retail sales of the Holiday season was publishedNote
The pair lost around 50 pips by the Asian Opening, now while writing it gained around 50% of its losses, I am watching for more losses up to 149.20 - 149.30 area by the Asian session and before the European sessionNote
Now it is by the daily classical pivot area after playing fairly well below the pivotNote
Daily pivot on my chart is 149.70Note
sorry 149.74Note
If it stays well below the pivot, then eye the points to be touched 149.52 , 149.35 , and 149.12Note
STILL>>>>>Harmonic already in place on this pair: All Bearish Butterfly M30, H1, and H4Note
Market is sticking well below the daily pivot (149.74) and not gathering any momentum to move either direction, The move to downside could be so fast like the accelerated sell of yesterday. The way up is looking to breaking the barrier of 150.00 and staying well above there for sometime. This is not a trade that I take, all of the above was just an opinionNote
Selling pressures are really strong to keep the price stagnant here by 149.60 - 149.80 araeNote
Looks to be that situation will rolled over to the European SessionNote
Good night and will be back 0530 hrs New York Time
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