The GBPJPY pair is trading close it the upper channel resistance and right at a horizontal resistance, which if respected, could imply the formation of a double top. The current price is also close to the 78.6% Fib level, signalling that the short-term uptrend that the pair has experienced recently could soon be over. I expect that the pair could retrace inside the yellow rectangle (chart) and continue to the downside.
Be cautious when trading the pound, since serious headline risks exist for the currency.
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Be cautious when trading the pound, since serious headline risks exist for the currency.
Join our Telegram group to receive more setups like this. t.me/CommaFX