GBP/JPY reversed from resistance zone

GBP/JPY reversed from resistance zone

  • GBP/JPY reversed from resistance zone
  • Next sell target - 147.50

GBP/JPY continues to fall inside the minor impulse wave (i) – which belongs to the C-wave of the intermediate ABC correction (B) from the middle of September. The active C-wave started earlier – when the pair reversed down from the resistance zone lying at the intersection of the major resistance level 152.50, upper daily Bollinger Band the resistance trendline of the daily up channel from April. GBP/JPY is expected to fall to the next sell target at the next strong support level 147.50.



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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