This chart represents a technical analysis of the GBP/JPY (British Pound / Japanese Yen) pair on the 1-hour timeframe. It highlights support and resistance levels, key price movements, and potential future direction.
Key Observations:
1. Support Level (Yellow Zone - ~189.000)
This area has acted as a strong demand zone where price has bounced multiple times.
If the price reaches this zone again and holds, a bullish bounce is possible.
2. Resistance Level (Red Zone - ~192.000)
This area has acted as a strong supply zone where sellers have stepped in.
Price reached this level, got rejected (highlighted with an orange circle), and started dropping.
If price moves up again and reaches this zone, another rejection or breakout might occur.
3. Current Price Action (~189.789)
The price is between support and resistance, consolidating around 189.800.
The blue arrow projections suggest two possibilities:
A bullish move if price holds above support.
A breakout towards resistance if momentum increases.
Trading Plan:
Buy (Long) Setup: If price tests the support zone (189.000) and shows bullish confirmation, it can be a good buying opportunity towards 192.000.
Sell (Short) Setup: If price reaches the resistance zone (192.000) and gets rejected again, a sell trade could be considered.
Breakout Trade: If price breaks above 192.000, it could continue higher. If it breaks below 189.000, further downside is expected.
This chart provides a clear roadmap for potential trades based on support and resistance. Let me know if you need a more detailed breakdown!
Key Observations:
1. Support Level (Yellow Zone - ~189.000)
This area has acted as a strong demand zone where price has bounced multiple times.
If the price reaches this zone again and holds, a bullish bounce is possible.
2. Resistance Level (Red Zone - ~192.000)
This area has acted as a strong supply zone where sellers have stepped in.
Price reached this level, got rejected (highlighted with an orange circle), and started dropping.
If price moves up again and reaches this zone, another rejection or breakout might occur.
3. Current Price Action (~189.789)
The price is between support and resistance, consolidating around 189.800.
The blue arrow projections suggest two possibilities:
A bullish move if price holds above support.
A breakout towards resistance if momentum increases.
Trading Plan:
Buy (Long) Setup: If price tests the support zone (189.000) and shows bullish confirmation, it can be a good buying opportunity towards 192.000.
Sell (Short) Setup: If price reaches the resistance zone (192.000) and gets rejected again, a sell trade could be considered.
Breakout Trade: If price breaks above 192.000, it could continue higher. If it breaks below 189.000, further downside is expected.
This chart provides a clear roadmap for potential trades based on support and resistance. Let me know if you need a more detailed breakdown!
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✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
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.
World Best Signals Channel here 🤝
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
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.