- Scotland’s departure from UK is off the table for now
- Double Top pattern in GBP/JPY (H4)
<figcaption id="caption-attachment-70026" class="wp-caption-text" style="box-sizing: border-box; font-size: 13px; font-style: italic; line-height: 1.6; margin: 0px; text-align: center; padding: 0.5rem !important;">Chart 1: GBP/JPY H4 chart</figcaption></figure>GBP/JPY kickstarted last week by strengthening around 200pips after the result of the Scottish Parliament elections effectively denied Scotland’s First Minister Nicola Sturgeon to call for a second independence referendum, ruling out the likelihood of Scotland departing from the United Kingdom.
Throughout last week, GBP/JPY traded at a three-year high level of 154 but failed to stay above that level. At the moment, a Double Top pattern is starting to form in the H4 chart as GBP/JPY starts losing steam.
Double Top pattern for GBP/JPY (H4)
Sell Stop order at 153.300
Upcoming major news that may impact price movement of AUD/CAD
17 May – Bank of England committee member Tenreyro speaking at 2215 (SGT)
17 May – Bank of England committee member Vlieghe speaking at 2330 (SGT)
18 May – Bank of England committee member Haldane speaking at 0030 (SGT)
18 May – UK employment data release at 1400 (SGT)
19 May – UK CPI data release at 1400 (SGT)
20 May – Bank of England committee member Cunliffe speaking at 1705 (SGT)
21 May – UK retail sales data release at 1400 (SGT)
21 May – UK flash services and manufacturing PMI data release at 1600 (SGT)
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