GBP/JPY - Risk On to Start June 2020
Don't be fouled by optimistic start to June 2020 be careful of any extension of current rally to the upside with obstacles approaching at 137.000
1. 200 Day - Daily MA (Blue) approaching at present testing the 100 day - Daily MA (Orange).
2. Fib Level at 0.618 will not stop Rally but potential reversal on fundamental pressure from investor attitude and BREXIT spotlight
The typical weak performer GBP in the summer months has recouped from low levels of 130.000. However, reopening economies and progressive BREXIT talk will spur the rally above 137.000
Trade idea:
137.000 Entry SL 137.300 dependant on progress of the rally.
Failure to beat 100 Day MA could see a short at 136.000 with SL at 136.3000
1. 200 Day - Daily MA (Blue) approaching at present testing the 100 day - Daily MA (Orange).
2. Fib Level at 0.618 will not stop Rally but potential reversal on fundamental pressure from investor attitude and BREXIT spotlight
The typical weak performer GBP in the summer months has recouped from low levels of 130.000. However, reopening economies and progressive BREXIT talk will spur the rally above 137.000
Trade idea:
137.000 Entry SL 137.300 dependant on progress of the rally.
Failure to beat 100 Day MA could see a short at 136.000 with SL at 136.3000
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