GBP Turning Bullish
Reflecting on the prior session, GBP/JPY's price action within a defined range has showcased a market in equilibrium, yet the undercurrents of fundamental shifts suggest a potential breakout. With the market sentiment leaning towards a bullish GBP, catalyzed by a significant shift in COT sentiment, there's anticipation for a stronger-than-expected PMI report from the UK on Thursday.
Technical analysis: The range-bound movement between the support at approximately 188.900 and resistance near 189.400 offers a technical playground for range traders. The proximity to the range's upper boundary indicates an inclination to test higher levels, with the potential for bullish momentum on a decisive breakout as the overall trend on higher timeframes is bullish. We also saw the drastic change in COT sentiment this week, which is something to consider as institutions may be betting on a higher PMI number this Thursday.
Our Position: Aligning with the bullish GBP sentiment, we are vigilant for a confirmed move above the range resistance to seize long opportunities. The upcoming PMI reports, if favoring the UK, could serve as a catalyst for a breakout, validating our bullish bias for the pair.
Technical analysis: The range-bound movement between the support at approximately 188.900 and resistance near 189.400 offers a technical playground for range traders. The proximity to the range's upper boundary indicates an inclination to test higher levels, with the potential for bullish momentum on a decisive breakout as the overall trend on higher timeframes is bullish. We also saw the drastic change in COT sentiment this week, which is something to consider as institutions may be betting on a higher PMI number this Thursday.
Our Position: Aligning with the bullish GBP sentiment, we are vigilant for a confirmed move above the range resistance to seize long opportunities. The upcoming PMI reports, if favoring the UK, could serve as a catalyst for a breakout, validating our bullish bias for the pair.
Zlecenie aktywne
Although the GBP PMI numbers came in lower than expected, GBP is showing resiliance and pushes further up. The price broke the resisatnce and closed above as we expected in our analysis. We got into the trade as soon when the price broke out of the consolidation.Zlecenie aktywne
Set a trailing stop and letting it fly. So far, moving very nicely.
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