GBP/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Back in June there were concerns whether the British Pound will be able to recover; however, for the last 250 hours the currency was confidently moving upwards, reaching new peaks and posting higher lows, thereby forming a channel up on a 1H chart. During this period the 200-hours SMA did take part in creating a pattern, but only as an interim resistance or support level, as it failed both to underpin and to cap the currency pair for a long period of time. Meanwhile, despite the bullish set-up, traders are largely undecided with respect to the GBP/JPY's future: 51% are long and 49% are short on it.

© Dukascopy Bank SA
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