Sell GBPJPY Bearish Channel

The GBP/JPY pair on the M30 timeframe exhibits a bearish channel pattern, suggesting a potential selling opportunity in the coming minutes or hours.

Key Points:

Bearish Channel: The price has been confined within a descending channel, characterized by two falling lines, one for resistance and one for support. This indicates ongoing selling pressure and potential for further decline.

Sell Entry: Consider entering a short position around the current price of 186.40, situated close to the channel resistance. This offers an entry point near a potential reversal zone.

Target Levels: Initial bearish targets lie at the support levels of 185.50 and 185.02, marking previous support zones within the channel.

Stop-Loss: To manage risk, place a stop-loss order above the channel resistance line at 186.90. This helps limit potential losses if the trend breaks unexpectedly.

Trade active:

Weaker UK Manufacturing PMI: Data released showed a decline in UK manufacturing PMI for January, raising concerns about the UK economy's health and potentially weakening the Pound.

BoE Meeting Minutes: While released yesterday, the hawkish tone from the minutes indicating potential for faster interest rate hikes might have been priced in already. However, any dovish comments could further weaken the Pound.

Order cancelled:

Price breaks the CHannel upside

GBP/JPY, now close at Breakeven Point. So i like to Cancel this order