GBP/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/JPY proved to be unable to pass through a psychologically important mark at 190 during the first days of December, and since then the pair has been trending downwards. However, the near-tern outlook for the Pound is bullish—at the moment the currency is changing hand right next to the lower down-trend line forming the pattern, suggesting there is likely to emerge an upward correction. The first resistance the rally is going to meet is a combination of the weekly PP and Jan 8 high at 181, but GBP/JPY is expected to rise up to the resistance trend-line at 186 before giving in to the bearish pressure.
© Dukascopy Bank SA
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