GBP/JPY - Daily RSI still diverging, but watch out for a break

FX:GBPJPY   British Pound / Japanese Yen
  • Daily chart clearly shows lower lows on price and higher highs on RSI .
  • Despite the drop in the prices to fresh multi-year low of 145.389, the RSI has stayed well above the its previous lows (marked by circles).
  • The divergence indicates we could see a correction ahead. However, EU referendum is due next Thursday and fresh GBP selling cannot be ruled out.
  • Bears should watch out for daily RSI breaking the rising bottom formation as that could be a hint of further sell-off in the pair.
Good idea
TipTVFinance waxmigs2902
Thanks there is also a falling channel on hourly chart
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