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Gbpjpybuysetup

GBPUSD LONGGBPJPY is in a very strong uptrend when we look at the monthly time frame and the weekly time frame. We have seen some sort of bearish correction in the previous two months (July and August) which is a good signal to find an entry to the upside. The daily time frame also just trend bullish, this can be seen from the breakout of the symmetrical triangle/or trendline. We can also see that there has been a change in market structure on the daily timeframe which is shown by the breakout of the key level as show on the chart. With all these factors being taken into consideration, the result is a trade which currently stands at a risk reward of about 1 to 8. Targets are set using the Fibonacci tool. The monthly timeframe trend is in line with the weekly timeframe, which is in line with the daily timeframe creating a high probability trade.
Long
by NDOBObanks
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