GBP/JPY 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The second top of the  present pattern has been formed on Tuesday and then the pair decided to go lower. However, a decline was stopped by the 100-hour SMA around 185.10. At the moment the British pound has a clear intention to rise in value. Nevertheless, we expect the pair's increase to be limited by weekly R1 at 186.79 and it is likely to trade sideways for some time. In the longer-term, however, the bullish action of the Pound is very likely. This scenario is assumed by technical indicators, as short-term ones give mixed signals, while four-hour and daily studies have more signals to buy the pair rather than to sell it. Market sentiment, in turn, is moderately bearish with 53% of short positions.
© Dukascopy Bank SA
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