GBP/JPY: Entry Price - Long @ 138.56 - Down 100 Pips

GBP/JPY: Entry Price - Long @ 138.56 - Down 100 Pips

I was not so fortunate with the GBP/JPY trade as it now sits under water. My long entry was at 138.56 and today the price is at 137.54 It has not hit my stop loss so I'm still in the trade and wondering if it's going to break support - My stop is at 135.30 so there is still 200 pips to go before I'm taken out. This is the way of the Forex so before you say "Ha I knew you were an idiot" lets wait to see if it does break support.

There are a few reasons why the Pound has moved down in recent days and I believe that to be the impending rate decision on Thursday for both the EURO and the GBP

The decision comes at 12:00 pm GMT for Bank of England and at 12:45 for the European Central Bank. These events tend to swing the market away from risk and many will close and sell off trades in order to do so.