Sunday, February 1, 2015
New Signal GBP/JPY
*Position Update: As of 02/03/2015 @ 21:47 The Global Currency Scalper was stopped out of its GBP/JPY short trade with a loss of 286 Pips. With the news from Greece making the Pound and the Euro rally strongly today we never had a chance to cover with a profit as it proved to be a false breakout.
As of 02/01/2015 @ 19:17 EST:
We have identified GBP/JPY as a potential short trade. This pair has been forming a descending triangle for the past few weeks with the 61.8% Fibonacci level acting as support. If this descending triangle is broken it could signal stronger downside potential.
The Global Currency Scalper will be shorting the GBP/JPY with a break of 175.560 and our targets are the figure of 175.000, then 174.670 with a potential move to the next figure of 174.000. We will be setting a stop with a break of 178.450, if this pair trades through this price prior to initiating a position we will turn neutral and further evaluation will be needed.