GBPJPY LONG 500PIPS
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Very good second opportunity to long GBP and short JPY. GBP is the weekest currency and JPY is the strongest I believe that ratio will turn aroud in next weeks or 3-4 months. After July FED rate cut that I believe is imminent we will see new much higher ATH for stocks = risk on. Economic cycle will be extended thanks to rate cuts... On the other hand BOE might lower interest rates as well which would be bad for sterling BUT according to economists sterling's fair value is about +4% higher from current levels. JPY on the other hand is too expensive for Japans heavily export oriented economy so BOJ might intervene or investors might take a breath from shiny safe heaven. Technicals: price have reached demand zone and strong resistance from apri 2017. RSI oversold with divergence. MACD divergence as well WEEKLY MACD turning positive on higher timeframe. 3:1 RRR Target 38.2% fib retracement.
GOOD LUCK
GOOD LUCK
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