As per our range trading plan illustrated earlier in a video, we took sell position as price returned downward from upper Band of Bollinger. Although decision hasn't been made solely based on Bollinger Bands, other factors we re considered too which has been show in graph below:
Due to spreading fear of Cornonavirus, JPY (a safe haven currency) has been gaining recently and will keep gaining as long as its fear of the virus continue to spread.
While GBP/USD is losing along with strengthening JPY, selling GBP/JPY is even better idea.
GBP/JPY didn't even complete ABCD100 (AB=CD) retracement, nor did it touch Fib 61.8 of last fall; which shows more bearish behavior. Here is what else we see and how we entered:
Invalidation point is above D, if an H4 candle closes above D.
Both trades had reached target.