GBP/JPY - Failure at inverse head and shoulder neckline

FX_IDC:GBPJPY   British Pound / Japanese Yen
As discussed in a post here, GBP/JPY             pair hourly chart is indicating the bears are having a good day out there.

  • The daily chart adds credence to the view. The bearish price RSI divergence seen on the hourly chart has appeared at inverse head and shoulder neckline level noted on the daily chart .
  • The cross also failed to sustain above daily 100-MA today and now trades around 160.50; slightly above 160.414 (23.6% of 188.807-151.644).
  • The cross appears on track to test daily 5-MA level of 159.84.
On the higher side, a clear break above inverse head and shoulder is required to convince bulls regarding room for further upside in the pair.
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