GBP/JPY: Brexit Fears Driving The Pound Higher

Published date: 26/03/2019
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The Great British Pound currently trading at 146.015 against the Japanese Yen during today's London Session.

Starting on the weekly timeframe we can see this is the 5th week trapped in a 350 PIP consolidation. This doesn't surprise me much with all the uncertainties revolving Brexit at the moment. We can see price has found strong support in and around 145.000 region. 

On the 4-hour we were stuck in a minor area of consolidation which has printed a significant higher-low swing for the pair. I personally do favour further upside for the pair with an overall target of 150.000 however we have a minor level of resistance in play at 147.500 which will need to be taken out for us to go and create new highs. We could look for a break of our descending trendline for further confirmation. From current price we could be looking for a 400 PIP gain with a good risk to reward to the upside. What would invalidate a trade position for myself would be a break below our support of 145.000.

With Brexit looming in the background it is truly important that we get a positive outcome for it all. We will be closely watching to see if a deal passes through the House the Commons as well as comments from MP's so tune into our Market news section as well as our Twitter feed for live Brexit comments. 


Comments

  • GBP/JPY: Brexit Fears Driving The Pound Higher
    Matt Nguyen says:
    02/04/2019

    UK Lawmakers are still having fun with Brexit chaos. I'll stay in and target 142.5 at least.

  • GBP/JPY: Brexit Fears Driving The Pound Higher
    Brent says:
    29/03/2019

    I understand why it will go up .. But in the daily we can see down trend ..... And in 4hr we see up trend .. Saw what to do ?

  • GBP/JPY: Brexit Fears Driving The Pound Higher
    Brent says:
    29/03/2019

    I understand why it will go up .. But in the daily we can see down trend ..... And in 4hr we see up trend .. Saw what to do ?

  • GBP/JPY: Brexit Fears Driving The Pound Higher
    Sabrina says:
    29/03/2019

    hello can you give us the used times of your blue and red indicators? or do you keep them secret? Thanks for your feedback

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