GBPJPY - My outlook today (6-August-2024)
Disclaimer: I post for informational purpose only dear traders, please do your own research properly, markets are risky.
Pair: GBPJPY
Setup: Short term (Higher timeframe = 1H)
Bias = Bearish
Session entered: London session
My Hypothesis:
- Economy: The inflation data is down, well controlled, while the interest rate cuts are still uncertain to most investors = So let us say, NEUTRAL, though with inflation being down, long term perspective the Pound will gain strength.
- Geopolitically: Tensions in the UK & the upcoming elections might see a slight weakness of the Sterling (GBP).
My Technical analysis:
- Price broke previous days lows with decent order flow, and there was a divergence in number of orders in the DOM (Depth of Market) from yesterday, all these factors together made me conclude a sell.
I took an aggressive sell this morning during the London session, expecting to add more positions either today at the NY session or tomorrow during the London session,
I am still observing it.
Thank you!
Pair: GBPJPY
Setup: Short term (Higher timeframe = 1H)
Bias = Bearish
Session entered: London session
My Hypothesis:
- Economy: The inflation data is down, well controlled, while the interest rate cuts are still uncertain to most investors = So let us say, NEUTRAL, though with inflation being down, long term perspective the Pound will gain strength.
- Geopolitically: Tensions in the UK & the upcoming elections might see a slight weakness of the Sterling (GBP).
My Technical analysis:
- Price broke previous days lows with decent order flow, and there was a divergence in number of orders in the DOM (Depth of Market) from yesterday, all these factors together made me conclude a sell.
I took an aggressive sell this morning during the London session, expecting to add more positions either today at the NY session or tomorrow during the London session,
I am still observing it.
Thank you!
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