GBP/JPY 4H Chart: Broadening Raising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the currency pair found a strong support level around the 170.50 level on 15th of August it has formed a Broadening Raising Wedge pattern. Although, at the moment the pair is hovering near the lower boundary of the pattern and despite the 4H technicals being to the downside a bearish break-out seems unlikely. Moreover, the pair is supported by the weekly and monthly PPs and 200-period SMA at 172.49/38. With that in mind, we expect the Pound to outperform the Japanese currency in the foreseeable future. The daily and monthly technical indicators are more to the upside, while the traders sentiment is just slightly bullish, with 52.57% of the traders being long.
© Dukascopy Bank SA
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