The GBPJPY cross rate has been one of the primary pairs that we have considered to trade in lieu of the fact that the market potential for the GBPJPY shows a more promising set-up. Although, the 124.70 would have been an ideal entry, due to the market's rapid action the 125.09 market confirmation was done. Trading a rapid market after breaking a consolidation and on the way higher to go long may provide a not too good of a spread as some re-quotes and /or busy server connection would have a few pips slippage along the way. However, the velocity of the current market prices beyond the initial resistance at 125.50 have now been labeled as the interim support. Again, the figures on the NFP would be the crucial catalyst. Scalping opportunities can be ideal as a cross trade for the other positions that we have.
As we as we mentioned that the spill over would continue mid-week as traders come back from the trading break-Labor day holiday. The first primary extensions for Cable would be at the 1.6000 first initial resistance levels; while 1.5880 is considered to be the primary support at this moment. A lot of contrary positions from most retail investors / traders have been active shorting the Euro since the 1.2555 - 1.2580 higher prices where consolidating. Unfortunately, it would be very difficult to speculate a top to sell unless a valid reason fundamentally would provide the push. As of now the prices are approaching some resistance prior to the Non-Farm Payrolls (NFP). However, this has confirmed in real confidence our market call on the Strategy & ability to Spot a Potential Trade dated the 20th of August 2012,
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