GBP/JPY making a rebound at a demand zone

GBP/JPY making a rebound at a demand zone

GBP/JPY managed to make a rebound around the Fibonacci level of 65% at 150.29, which also coincides with the 200 SMA. Currently, the 50 SMA at H1 chart is capping further gains in the pair, but is the last hurdle ahead of the highs from April, where a breakout should happen in order to allow a rally towards the Fibonacci zone of -23.6% at 155.13. To the downside, if the pair plummets below the 200 SMA, then it can test the 148.37 level.

RSI indicator stays in the positive territory.

GBPJPYH4.png

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