Latest COT Data on GBP shows that the long contracts maintain their strong, bullish short-term momentum. This means that price will most likely push towards the 142.500 and 143.000 level. After that a correction will most likely take place, since the 142.500 zone is also a supply area which also aligns with the weekly upper trendline.
We need to give our trade some space to breath and follow price carefully, since GBP/JPY is one of the most volatile major pairs.
After price gets rejected from 142.000 it will move towards 138.000, where it will meet with the daily demand area and the 0.618 golden Fibonacci level. There will be our TP as well.
Happy Trading!
We need to give our trade some space to breath and follow price carefully, since GBP/JPY is one of the most volatile major pairs.
After price gets rejected from 142.000 it will move towards 138.000, where it will meet with the daily demand area and the 0.618 golden Fibonacci level. There will be our TP as well.
Happy Trading!