Razvan

GBPJPY - False Break or just a retest?

FX:GBPJPY   British Pound/Japanese Yen
Look at this interesting situation. On a daily chart it is pretty obvious that the price broke the upper line of a descending triangle , but now bears are pushing the price lower. On a 60 minutes chart we can see that the price has moved sideways for a while, but now there are signals that it can continue to move lower. A break below the local support could signal a drop towards 38.2.But the question is: will it stop at this level, to be considered a retest on the triangle's line, or it will continue lower?
alex.a
2 years ago
snapshot


Election tomorrow ~
+1 Reply
alex.a alex.a
2 years ago
181.50
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Your D1. i had this idea a while back. got stopped out trying to short it. good luck mate.
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Razvan PriceActionTrading
2 years ago
Thanks, I am not trying to short it...I think GBP has potential to continue the trend, but will it stop at this line or it will go lower before continuing the up trend. I am really waiting for a buying opportunity
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