In today’s free forex signals, we have brought GBP/JPY buy call. The GBP/JPY pair is trading in the red at the 152.64 level at writing. The pressure is high, so the pair could extend its sell-off anytime. Still, from the technical point of view, the price reached a support zone, that’s why I’ll look for new long opportunities.
-Are you looking for CFD brokers? Take a look at our detailed guideline to get started-
Fundamentally, the Yen received a helping hand from the Japanese PPI, which registered an 8.0% growth in October versus 6.9% expected compared to 6.4% reported in September.
UK prelim GDP below expectations
The British Pound is still under massive pressure as the UK data came in mixed today. The Prelim GDP reported a 1.3% growth less than 1.5% expected and after 5.5% in the previous reporting period. On the other hand, the Gross Domestic Product registered a 0.6% growth in September compared to 0.4% estimated. In addition, the Construction Output came in better than expected.
Unfortunately for the GBP, the Goods Trade Balance, Index of Services, Industrial Production, Manufacturing Production, and the Prelim Business Investment indicators were reported worse than expected.
As you can see on the h4 chart, the GBP/JPY reached the 61.8% retracement level. Staying above it and making a strong bullish pattern here could announce a new leg higher. However, only a valid breakdown below 61.8% validates more declines and invalidates the upside scenario.
-If you are interested in knowing about scalping forex brokers, then read our guidelines to get started-
Free forex signals – BUY GBP/JPY at 153.80
Free forex signals entry price and takes profit
Instrument: GBP/JPY
Order Type: BUY STOP
Entry price: 153.80
Stop Loss: 152.22
TP1: 158.15
My Risk: 1%
Risk / Reward Ratio: 1: 2.75
Looking to trade forex now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Share
Saqib Iqbal
