“¢ The cross has been oscillating between two converging trend-lines over the past 48-hours or so, forming a bullish falling wedge chart pattern on the 1-hourly chart.
“¢ The latest bullish Brexit headlines provided the required momentum to finally assist the cross to break through the consolidative range and rally to fresh weekly tops.
“¢ Bulls, however, struggled to extend the strong positive momentum beyond 200-hour SMA, with the cross quickly retreating around 60-pips from the 145.00 neighborhood.
“¢ Technical indicators on the 1-hourly chart are already pointing to overbought conditions and turned out to be one of the key factors keeping a lid on any strong follow-through.
“¢ Moreover, oscillators on 4-hourly/daily charts are yet to catch up with the positive momentum and suggest caution before initiating any aggressive near-term bullish bets.
GBP/JPY 1-hourly chart
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GBP/JPY
Overview:
Today Last Price: 145.37
Today Daily change: 92 pips
Today Daily change %: 0.637%
Today Daily Open: 144.45
Trends:
Previous Daily SMA20: 145.94
Previous Daily SMA50: 146.97
Previous Daily SMA100: 145.81
Previous Daily SMA200: 147.12
Levels:
Previous Daily High: 144.9
Previous Daily Low: 144.04
Previous Weekly High: 148.74
Previous Weekly Low: 144.26
Previous Monthly High: 149.52
Previous Monthly Low: 142.78
Previous Daily Fibonacci 38.2%: 144.57
Previous Daily Fibonacci 61.8%: 144.37
Previous Daily Pivot Point S1: 144.03
Previous Daily Pivot Point S2: 143.61
Previous Daily Pivot Point S3: 143.17
Previous Daily Pivot Point R1: 144.88
Previous Daily Pivot Point R2: 145.32
Previous Daily Pivot Point R3: 145.74
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