Guppy approaching support, possible Bounce and LONG
Guppy(GBPJPY) declined sharply last week after having retraced to the 147 mark. The sell-off happened after ECB's rate hike event and was quite expected.
Currently, the pair is trading at 146.64 and it is approaching a very important area.
As you can see from the chart, price has now touched the green line which has acted as a support area for more than a year. In the previous 5 occasions, the pair has bounced back sharply after it touched the green line.
So, it would be interesting to see if something similar happens this time as well.
TRADING SET-UP FOR THE WEEK 6-10 August
Look for long entries in the area 144.35-144.57 if price shows some signs of reversal. TP1: 145.80, TP2:146.30
On the contrary, if price breaks the green rectangle area strongly, price is likely to visit the 143 area.
Currently, the pair is trading at 146.64 and it is approaching a very important area.
As you can see from the chart, price has now touched the green line which has acted as a support area for more than a year. In the previous 5 occasions, the pair has bounced back sharply after it touched the green line.
So, it would be interesting to see if something similar happens this time as well.
TRADING SET-UP FOR THE WEEK 6-10 August
Look for long entries in the area 144.35-144.57 if price shows some signs of reversal. TP1: 145.80, TP2:146.30
On the contrary, if price breaks the green rectangle area strongly, price is likely to visit the 143 area.
Transaction en cours
Bought at 144.35 as per plan. SL:143.78, TP as mentioned in chart and analysisTrade fermée manuellement
Closed @144.27. Price not showing any signs of reversalTransaction en cours
Entered again at 144.12
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.