Hello Traders,
How has your day been?
Do you have any trade in the oven?
Alright, let’s see what may likely play out today/tomorrow in the market.
1. GBP/USD
On the 4 hours chart, GBP/USD is locked within a pennant.
A breakout above resistance level 1.28906 may most likely drive price to the next possible resistance level (1.30111)
A breakout below support level 1.28103 may most likely drive price to the next possible support level (1.26690)
In my opinion, there is no need trading within the pennant, due to poor risk-reward ratio.
2. USD/JPY
On the daily chart, USD/JPY is rearing its head above a key resistance level (108.856).
We should be looking out for how this pair closes its daily candlestick by 11 pm.
If there is a clean breakout, we could be targeting 109.889 as the next possible resistance level.
If there is a pull-back, then 107.749 may most likely be price next bus stop.
We done for the day, join us again for tomorrow’s analysis.
Do have a great day ahead and as always
Remain pip-full…
