Given the reaction in equity markets on Thursday and Friday, the potential for risk aversion has started to show. Also we have BoE interest rate decision coming up, a combination of GBP weakness and YEN strength could make this pair an attractive sell as price has currently found support at the 38.2 fib level from the recent sell off. The retest of the broken TL could provide a good entry and for the bearish trend to continue.
Trade closed: target reached