The bright idea of the day for FX is the sell down of GBP just before GBP EDR Manufacturing Production m/m Data release.
Perhaps speculators are expecting a MISS. I dont really see a rationale to expect a MISS, as the past outcome is not too unreasonably high. We are still at safe expectation level.
Nevertheless, its a selldown for no reason, and a rebound is warranted. We LONG upon knowing the data is a MEET.
Long%Risk & RP says ok to LONG. MACD and STOCH slow said its ok to LONG. so we LONG.
Long GBPJPY @ 171.70
TP1 @ 172.00 (30 pips profit )
TP2 @ 172.20 (50pips profit still waiting).
NP = 30 pips for now.