DOAFK

GBPJPY Short Trade Analysis 14/12/2020

Short
FX:GBPJPY   British Pound / Japanese Yen
Bearish intraday trend set up on the GBPJPY FX currency pair.

Last week saw a very bearish Friday candle closure and bearish weekly candle closure. Over the weekend there was a gap up into wait I believe to be a good short trade entry zone. The last 2 highs formed were lower highs and a lower low was made last week around 137.00.

I think the bearish trend might continue down now although GBP is very headline driven at the moment as expected.

I am using last weeks lows (137) as TP1 and then new lower lows at 135.800 for my TP2. If price continues to trend downwards then I have the next support zones marked on the chart for your references.
Trade active
Trade closed: stop reached: Stop loss triggered on this trade unfortunately.

Comments

Did you hear about the new lockdown? You think Sterling will fall like a stone?
+1 Reply
DOAFK CeoCodes
@CeoCodes, The U.K lockdown system is variable anyway, the likely hood of different lockdown measures being introduced and removed across the U.K is already priced in in my opinion. The lockdown situation is likely to continue right in to summer next year in my opinion.
Reply
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