Daily Price Outlook
On Monday, the GBP/JPY pair traded with a slightly bearish bias under 164.700, which has been extended by a triple top pattern. This pattern is causing difficulty for the GBP/JPY pair and keeping it bearish under this level.
Additionally, the formation of a Doji and Shooting Star candles under the 164.700 mark is adding downward pressure.
Meanwhile, the RSI and MACD indicators are in an overbought zone, giving investors another reason to short the currency pair and take profits. Please see the trade idea below.
GBP/JPY Trade Idea
Entry Price – Sell Below 164.750
Stop Loss – 165.50
Take Profit – 163.850
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = +$266/ -$250
Profit & Loss Per Micro Lot = +$26/ -$25
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