Flag on GBP/JPY

Flag on GBP/JPY

On Thursday, October 18, aggressive sales were observed on the GBP/JPY currency pair. The trading tool has updated local extremes. The current technical pattern indicates a further drop in GBP/JPY quotes. At the moment, the classic figure of Flag (M30 timeframe) has been formed, which acts as a continuation of the current trend. The level of 146.250 is local support. We recommend paying attention to this situation.

If the price consolidates below 146.250, you need to look for entry points to the market to open short positions. The immediate goal for profit taking is the support level 145.850. The movement is tending to 145.500-145.250. When following a position, we recommend using a trailing stop.

by JustForex, 2018.10.19

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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