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.

GBPJPYmH1.png

Similar

Popular

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later