GBP/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
So far this month has been favourable for the Sterling, and the currency is likely to keep appreciating. The downside should be limited by the rising line at 191.30, and the Jun 5 high is not expected to cap the gains—the current target is the upper boundary of the channel at 192.50. On the other hand, if demand at 191.30 proves to be insufficient to keep the upward momentum intact, the bulls will have an opportunity to rekindle the rally at 190.77, where the weekly pivot point coincides with the Jun 5 low. Meanwhile, the SWFX market participants seems to be undecided with respect to the Pound's prospects, being that 49% of open positions are long and 51% are short.
© Dukascopy Bank SA
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