GBPJPY (4H) - short term bearish bias
The pound came under renewed pressures following short-lived consolidation at the upper band of the bearish channel. In spite of a RSI divergence, the pessimistic mood will stay as long as the channel and both moving averages contain any attempt to bounce back. The RSI has yet to show an over-sold situation, and we expect the immediate target to be the 61.8% (130.10) Fibonacci retracement on the daily chart.
Key support: 130.10/129.00
Key resistance: 132.10/133.30
The pound came under renewed pressures following short-lived consolidation at the upper band of the bearish channel. In spite of a RSI divergence, the pessimistic mood will stay as long as the channel and both moving averages contain any attempt to bounce back. The RSI has yet to show an over-sold situation, and we expect the immediate target to be the 61.8% (130.10) Fibonacci retracement on the daily chart.
Key support: 130.10/129.00
Key resistance: 132.10/133.30
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Disclaimer
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.