GBPUSD Which Way?Our short was executed perfectly with 215+ pips locked in.
But now where is GPBUSD going?
If we take a look at BXY (GBP Strength Index) its rather unclear, we have a bias to say that GBP should fall with the brexit dealings.
Take DXY (USD Strength Index) however and we can see a clear path to weakness.
What we think could happen is a 2-5day drop down to the trendline. Followed by a significant surge up to the supply zone.
Pipphenes
EURJPY New Long SetupPrevious Short Setup Netted Us Over 222 pips profit. *All in orange!
New setup would be a long either from where EJ is at now or after another stretch to the downside at one of the next support levels.
EUR (EXY) -> Could go either way, but the data suggests it will gain strength.
JPY (JXY) -> Should see a correction to the downside by later this week, could spike up a bit more first (in this scenario EJ goes lower before entering long)
Either way, overall long on EJ for the next few weeks. Trade coming soon.
Waiting for confirmation first!
EURJPY Underway Simple resistance based setup including an ascending channel with resistance trend/zone
Add in JXY (JPY*YEN) TA:
JXY -> Strength
+COT DATA -> JPY = Strength*
EUR -> EXY -> Has been weak and it's unclear where it's headed next
COT Data suggests that EUR will be losing strength and getting weaker supporting our EURJPY short trade.