GBPJPY: Thoughts and Analysis pre-BOE.
Today's focus: GBPJPY
Pattern – Ascending Triangle Pattern
Support – 181.16 - 178.17
Resistance – 184.12 - 183.65 - 186.50
Hi, and thanks for checking out today's update. Today, we are looking at the GBPJPY on the daily chart.
For now, we remain bullish on this pair, but as we have discussed in today's video analysis, we want to see a new weekly high to show buyers are in control after Tuesday's breakout. The worry is that buyer momentum might not be as strong as first thought, and we could see selling continue to grind down Tuesday's move.
What will the BOE bring to the table? Rates are forecast to remain on hold, but what will we see in the statement? Will it support buyers or add to the indecision?
Good trading.
Pattern – Ascending Triangle Pattern
Support – 181.16 - 178.17
Resistance – 184.12 - 183.65 - 186.50
Hi, and thanks for checking out today's update. Today, we are looking at the GBPJPY on the daily chart.
For now, we remain bullish on this pair, but as we have discussed in today's video analysis, we want to see a new weekly high to show buyers are in control after Tuesday's breakout. The worry is that buyer momentum might not be as strong as first thought, and we could see selling continue to grind down Tuesday's move.
What will the BOE bring to the table? Rates are forecast to remain on hold, but what will we see in the statement? Will it support buyers or add to the indecision?
Good trading.