Overview
As shown on the today’s H4 chart, this week the pair has opened below the Resistance level 154.50 and outside the bullish channel which means the pair will almost reverse its bullish move this week, it takes a downward move. Today the pair has already started its downward move after it had hit the Support level 153.75 and managed to break it through to take a slightly downward move. Currently the pair is approaching the Support level 152.90. Therefore, we should stop selling now till breaking this Support level and closing 4H below. In that case the pair will continue its downward move and open the way towards the next Support level 152.50 to continue its bearish scenario, so we can suppose our first target few pips above this level.
Resistance and support levels: R3 (155.00) R2 (154.50) R1 (153.75), S1 (152.90), S2 (152.50), S3 (152.00).
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Performed by Hossam Soliman Ali, Analytical expert InstaForex Group © 2007-2013 |
GBP/JPY technical levels and trading recommendations for August 26, 2013
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