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.

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