“¢ The cross came under some renewed selling pressure on Monday and dropped to the lower end of a near three-day-old trading range during the early European session.
“¢ The range bounce price-action constituted to the formation of a rectangle, which given the recent up-move might be categorized as bullish continuation chart pattern.
“¢ Moreover, the fact that the cross remains above important intraday moving averages – 100 & 200-hour SMA, add credence to the near-term constructive outlook.
“¢ Meanwhile, technical indicators on the 1-hourly chart have been gaining negative momentum but have still managed to hold in the bullish territory on 4-hourly/daily charts.
“¢ Hence, it would now be interesting to see if the cross is able to defend the mentioned rectangle support or the current pull-back marks the end of the recent bullish move.
GBP/JPY 1-hourly chart
GBP/JPY
Overview:
Today Last Price: 147.71
Today Daily change: -46 pips
Today Daily change %: -0.31%
Today Daily Open: 148.17
Trends:
Daily SMA20: 146.25
Daily SMA50: 143.48
Daily SMA100: 143.55
Daily SMA200: 144.67
Levels:
Previous Daily High: 148.39
Previous Daily Low: 147.43
Previous Weekly High: 148.88
Previous Weekly Low: 143.72
Previous Monthly High: 148.28
Previous Monthly Low: 141.01
Daily Fibonacci 38.2%: 148.02
Daily Fibonacci 61.8%: 147.8
Daily Pivot Point S1: 147.6
Daily Pivot Point S2: 147.04
Daily Pivot Point S3: 146.64
Daily Pivot Point R1: 148.56
Daily Pivot Point R2: 148.96
Daily Pivot Point R3: 149.52