Current structure tells us this pair is trading a range and hasn't shown signs of an upside break as the previous daily candlestick formed as a pinbar. Multiple rejections of this supply zone on the H4 timeframe indicates that price will retest the levels of around 1.1630 or even lower before possibly going higher and breaking this structure in the near future ...
GBPJPY - short opportunity based on structure, as strong resistance reached as well as some form of RSI divergence present.
Sell limit placed little bit higher and therefore great risk rewards ratio acquired.
-on weekly quite strong resistence almost reached ( order for sell already prepared)
-on daily little bit of a move needed to trigger the trade
-stop based on fibs
-take profit based on structure mixed with fibs
- quite good risk/rewards ratio
This is a good zone to get involved in a shorting opportunity as soon as the Daily does not close above 129.50
As I enter on the Violation of the 1H Trend I have a Entry Stop Order below the Higher Low of the last swing.
If the 1H makes a new Higher Swing then my entry will be placed under the next Higher Low.
My first Target will be a re-test of the previous ...
The British pound has moved towards the top end of its recent short-term trading-range against the US dollar, as the greenback moves lower in early week trading.
The GBPUSD pair continues to probe towards the 1.3300 level, but has so failed to gain traction above this key level.
Buyers will need to break the former weekly high of 1.3313 to keep the bullish ...