GBP/JPY looking to gain momentum at 143.20

GBP/JPY looking to gain momentum at 143.20

GBP/JPY has started to correct its structure from 147.77 and it’s currently facing a strong support around 144.29, at which is located the Fibonacci retracement zone of 38.2%. Overall, the pair needs to do another leg lower to extend the correction towards the 50% Fibonacci area and then it could gain momentum to ride the bullish structure.

If GBP/JPY does a rebound above 143.21, it could travel towards the -23.6% Fibonacci retracement level at 149.92. RSI indicator is reaching oversold territory, calling for more upside in the short-term.



GBP/USD: bullish "Flag"

The pair is going to continue moving up in the direction of another resistance at 1.4144 - 1.4277...



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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