Hi Traders.
Yesterday Sterling suffered as GDP (YoY) (1QA) was released and figures came in at 1.2 % rather than the general consensus of 1.4%
This saw the Pound fall heavily against a basket of currencies but most notably for me, against the Japanese Yen where it looks to have had its worst day since late February 2018.
So, zooming into the 1H chart we can see an aggressive bearish move with a Fibonacci study drawn to highlight some key levels which will determine short term direction.
I'm looking for a retracement to the 50% level of 151.237 and then looking to short the pair down to the 100% level of 150.215 and the 161.80% level of 148.951 in extension.
Happy trading!
Yesterday Sterling suffered as GDP (YoY) (1QA) was released and figures came in at 1.2 % rather than the general consensus of 1.4%
This saw the Pound fall heavily against a basket of currencies but most notably for me, against the Japanese Yen where it looks to have had its worst day since late February 2018.
So, zooming into the 1H chart we can see an aggressive bearish move with a Fibonacci study drawn to highlight some key levels which will determine short term direction.
I'm looking for a retracement to the 50% level of 151.237 and then looking to short the pair down to the 100% level of 150.215 and the 161.80% level of 148.951 in extension.
Happy trading!