GBP/JPY 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite stronger-than-expected data from the U.K., the Pound has not been performing very well. Moreover, British Pound is sold in 63% of the cases. Since October 23 the pair has been fluctuating in a 150 pips range, however, aggregate technical indicators on 4H and weekly charts are sending "buy" signals, suggesting bulls will be able to push the pair in pattern's resistance's direction. Nevertheless, the latest high that was formed on October 22, was lower than the previous one. It means that bulls are not yet strong enough to perform an upside breakout, and in case the price would bounce back from pattern's resistance, we could see a formation of rectangle pattern.
© Dukascopy Bank SA
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