cailean123
Long

GBP JPY Long Position

OANDA:GBPJPY   British Pound / Japanese Yen
Fundamental Analysis: Although at the beginning of last week there was a decent bullish rally a lot of ground was lost towards the tail end of the week. Depending on how much time is spent on the trade it should be unaffected by scheduled economic events apart from the CPI             release on Friday. Brexit always remains an uncertainty and strong volatility can always be expected on this pair.

Technical Analysis : Flat bottom triangle. Pinching and breakout in either direction is imminent. We have reached resistance zone that can be seen on the weekly chart, hoping for a potential bounce back to the upside. This trade is more of a price action trade than a fundamental one.

This is my opinion on this pair.

Always happy to hear other opinions.

Good luck.
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