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T3-Consultancy

GBPJPY H1: Bearish outlook seen, further downside below 165.20

Short
British Pound / Japanese Yen (FX:GBPJPY)  
T3-Consultancy  
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Harmonic Patterns GBPJPY GBP jpy gbpjpybearish gbpjpyshort Forex forextrading forexsignals
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trendanalysis chartpattern harmonicpatterns gbpjpy gbp jpy gbpjpybearish gbpjpyshort forex forextrading forexsignals
Prices are facing bearish pressure from its daily descending trend line and resistance zone at 166.20 where we could see further downside below this level. On the H1 time frame, a pullback to the resistance zone at 165.20, in line with the 38.2% Fibonacci retracement presents an opportunity to play the drop to the next support target at 163.60. Stochastic is testing resistance at 95.20 as well where we could see more downside, in line with prices.
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