GBP/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The present downward-sloping channel on the Pound/Yen currency pair began forming in the beginning of this month. Just recently the British currency has commenced recovery from the lower trend-line, but it used to be short. At the moment the pair is approaching the southern boundary one more time. We assume that successful breach of daily S1 at 169.48 will push the pair down to pattern's support at 169.31. The movement is supported by medium-term technical indicators, as they send bearish signals. SWFX traders, in turn, are rather undecided on pair's future perspectives for the time being. Only 54% of them hold bullish positions on the Pound, while other expect the pair to decline.
© Dukascopy Bank SA
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