GBP/JPY finding strong dynamic resistance

GBP/JPY finding strong dynamic resistance

GBP/JPY managed to break a bearish trend line projected since July 17th session and it’s now looking for a consolidation above the 200 SMA at H1 chart. However, the pair is facing off the dynamic resistance offered by that moving average and it seems that we can get a pull back at this stage, as it coincides with the Fibonacci retracement zone of 50% - 65% at the 145.77 and 146.81 levels. If that happens, the pair could reach the short-term target of -23.6% at 143.12.

RSI indicator remains overbought and it’s favoring for the bearish scenario.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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