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Short GBPJPY

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Brexit and Covid 2.0.

No real need to say much else. However, we are in a Daily wave 4-5 of an Elliott wave. We should see a little pullback and a bigger drop. COT data also major short the GBP and net long JPY. There were key turning points in the Cycle indicator on the 5th, 10th and 15th - next is the 23rd, to the 29th.

Let's see where next. Suprised if it gets to 137.85 now (low volume node) given the other data. Just waiting for UK Govt to come out with a crazy statement and GBP will sink.

Good luck.

Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.

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Update zoomed in on 15 min TF. Take a look at the pullback, it might come back to cause some of the traders on these smaller timeframes a bit of pain.