Tuesday, March 5, 2019

Trading opportunities on the pound against the yen and the dollar waiting for the Brexit


Following the developments in the GBP, we will find that we may be interested in anticipating buying opportunities on the GBP against the Japanese Yen and the US Dollar, where there is uncertainty about the expected Brexit and the development of the political battle in Britain while on the other side there are no significant events related to the Japanese Yen. As for the US dollar, we have a political battle waiting for the US President as we await the results of long talks with China

Therefore, we prefer not to open any transactions except from safe areas and according to strict conditions as follows

GBP JPY
The current levels of the pair do not give us the opportunity to enter either for sale or buy now, but follow the pair can expect a fall on the pair during the rest of the week is the decline we are waiting to start buying the pair from safe levels

Technically, the pair is currently trading below the 25-day averages and seems to be trading below the 50-day averages, while some negativity on the RSI and the MACD are also showing. If the bearish pattern is complete we will not start selling but we will wait for the buying opportunities that we can find near the support 145.30 and 143.10, while support at 141.90 is important support if events develop for the UK exit from the EU
Trading Recommendation
Put pending orders at 145.30, 143.10, 141.90
Stop loss for all outstanding orders at 138.00
Take profit for all trades 148.50


Pending purchase orders for the GBP USD awaiting the British exit
As we expected, we saw a bearish situation on the pair during yesterday's trading, which is good for those who are waiting to buy, but trading remains a danger during the coming period as we wait for the end of the British exit negotiations on the one hand, and on the other hand expect the development of trade talks between America and China, American
This means that we are waiting for significant events on the dollar and the pound sterling, which may expose him to a volatile situation during the coming period so we should be careful about this pair specifically

Technically, the downside wave could extend to the stronger support areas 1.3015 then 1.2930 and the important support in case of negative developments is 1.2848

Trading Recommendation
Placing outstanding buy orders at the strongest 1.3015 - 1.2930 - 1.2848
Stop loss for all pending orders at 1.2700
Take profit for all outstanding orders at 1.3350

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