GBP/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Assuming that GBP/JPY is forming a bearish channel right now, there should be a small rebound in the short run. The currency pair is expected to confirm the lower boundary of the channel and rise up to 193.50 before commencing a new down-leg. The Sterling should retain the downward momentum at least until 192, where the currency is going to meet the Aug 7 low. But we must not rule out a deeper decline, down to the Jul 27 low near 191. In the meantime, a close above 193.50 will substantially increase the risk of a recovery to a major resistance level at 195.30, represented by the Aug 6 high. Meanwhile, the sentiment is neutral: 49% of traders are long and 51% are short.
© Dukascopy Bank SA
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