GBP/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British currency recently reached the lower boundary of the channel up and is now intending to gain value. It looks like that the lower trend-line used to be a very tough support line, as it is reinforced by the daily pivot point at 171.87. The pair is moving to the north already for some time, meaning that we can expect it to reach the pattern's resistance in the longer-term. Short-term indicators are confident in Pound's ability to rise. However, daily technical indicators send strong bearish signals, with five out of eight studies set to sell the cross. At the same time, market sentiment is mixed for the time being, as opened positions as almost equally divided between bulls and bears.
© Dukascopy Bank SA
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