GBPJPYGBPJPY is trading at it's lower level in more than 4 months. On May 21 GBP/JPY rallied towards 141.74. However, the pair pulled back in the same day and closed below 140.50 reflecting buyer hesitation. Alongside this development, the relative strength indicator (RSI) failed to break above (30) and continued moving within the oversold territory, emphasizing the strength of the bearish momentum. If the price remains below 139.15 and breaks below today’s lowest price at 138.88, a bearish sentiment would suggest the price falls towards the weekly support at 137.66. Potential rebound level could be at 138.63.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.