GBP/JPY awaits to perform a rebound

GBP/JPY awaits to perform a rebound

The GBP/JPY pair has been staying in a bearish tone since January 8th. Currently, it’s testing the Fibonacci level of 78.6% at 152.15, where we could expect a rebound in order to follow the overall bullish bias towards the resistance level of 154.11, at which lies the -23.6% Fibonacci target. To the downside, a break below 151.76 should expose the December 22th lows around 151.00.

RSI indicator stays in the oversold territory.

GBPJPYH1.png

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