*Position Update: As of 01/30/2015 4:28 a.m. The Global Currency Scalper covered its short position in GBP/JPY with a gain of 29.2 Pips which was 15 Pips ahead of the support at the figure of 177.000.
As of 01/28/2015 @ 18.36 EST:
We have identified GBP/JPY as a possible short trade. This pair has been consolidating between the 50% and 61.8% Fibonacci levels after a strong bull run from last October.We expect the GBP/JPY to continue this consolidation but with a downside bias. We are looking to take this pair short which we believe may present a great opportunity as the sellers are beginning to get heavy.
The Global Currency Scalper will take the GBP/JPY short with a break of 177.450. Forecasts will be the figure of 177.000 then the 61.8% Fibonacci level of 176.300. Lower could see the figure of 176.000 and recent lows of 175.700, if this level is taken out look out below, you could be in for a great ride lower. We will place a stop with a break of 179.560, if this level is breached prior to initiating our position we will turn neutral on this pair and further evaluation will be needed.
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