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Eventually, the 200-day simple moving average failed and the GBP/JPY pair passed above it. In late October, the pair reached the 200.00 level and the support and resistance range that surrounds it. The 200.00 mark acted as resistance and caused a decline. In mid-November, the pair was looking for support in the combination of the 50 and 200-day SMAs and the 195.00 mark.
A broader mover below 195.00 is expected to result in the rate looking for support in the lower trend line of a channel up pattern that captures the pairs moves since the start of August. If the pattern fails, the rate could look for support in two ranges. First is the 190.00 mark's range, and second is the 183.75/174.40 zone.
On the other hand, a resumption of the surge would face the 200.00 mark. Above the 200.00 mark, there is resistance near 205.00. In addition, take into account that the upper trend line of the channel pattern is expected to act as resistance.
Tue, 19 Nov 2024 21:25:59 GMT
Source: Dukascopy Bank SA
Eventually, the 200-day simple moving average failed and the GBP/JPY pair passed above it. In late October, the pair reached the 200.00 level and the support and resistance range that surrounds it. The 200.00 mark acted as resistance and caused a decline. In mid-November, the pair was looking for support in the combination of the 50 and 200-day SMAs and the 195.00 mark.
A broader mover below 195.00 is expected to result in the rate looking for support in the lower trend line of a channel up pattern that captures the pairs moves since the start of August. If the pattern fails, the rate could look for support in two ranges. First is the 190.00 mark's range, and second is the 183.75/174.40 zone.
On the other hand, a resumption of the surge would face the 200.00 mark. Above the 200.00 mark, there is resistance near 205.00. In addition, take into account that the upper trend line of the channel pattern is expected to act as resistance.