Guppy up this week as 42-day downtrend broken

Stuart Cowell HFM

GBPJPY, H1 & Daily

GBPJPY, or the Guppy as it is affectionately known, like all the Sterling crosses, has had a “Hard Brexit looks less likely” induced week:-

Monday – the 139.00 level was breached.
Tuesday – following Mrs May’s historic defeat, the daily candle breached above the 20-day Moving Average for the first time since November 15. This broke a 42 day, 534 pip downtrend, which was nice if you are a trend trader.
Wednesday – the psychological 140.00 was scaled and the pair closed at a 13-day high.
Yesterday (Thursday) the close was right on the 50-day Moving Average and a smidgen below 142.00, having breached and broken the H4 200-period Moving Average at 141.00

A key zone beckons at 143.50-145.00 if the uptrend can be maintained, and Support sits at 140.00 with the 20-day Moving Average and S1.

Today (Friday) there are UK Retail Sales figures at 09:30 GMT, which could easily stall the weekly rise, with 142.00 being key along with the daily pivot at the 141.00 zone.

Author

Stuart Cowell

HFM

With over 25 years experience working for a host of globally recognized organisations in the City of London, Stuart Cowell is a passionate advocate of keeping things simple, doing what is probable and understanding how the news, c

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