The intraday upsurge fails to sustain above an ascending trend-channel resistance. Overbought conditions on hourly charts might have prompted some profit-taking. The GBP/JPY cross trimmed a part of its early strong gains to the highest since May 21 and quickly retreated nearly 100 pips from an intraday swing high level of 141.50, with bulls struggling to sustain above a short-term ascending trend-channel. Extremely overbought conditions on hourly charts seemed to be the only factor that prompted some profit-taking amid a flurry of Brexit-related headlines. The cross now seems to have stabilized near 61.8% Fibonacci level of the 148.88-126.54 slide. Any subsequent pullback below the key 140.00 psychological mark might find some support near the 139.70-65 horizontal zone, below which the corrective slide could extend towards the trend-channel support – around the 138.80 region. On the upside, the 140.60 region now seems to act as an immediate resistance and is closely followed by the trend-channel hurdle near the 141.00-141.10 area, which if cleared will set the stage for an extension of the recent bullish trajectory. GBP/JPY 1-hourly chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next UK PM Johnson: Anti-democratic backstop has been abolished FX Street 4 years The intraday upsurge fails to sustain above an ascending trend-channel resistance. Overbought conditions on hourly charts might have prompted some profit-taking. The GBP/JPY cross trimmed a part of its early strong gains to the highest since May 21 and quickly retreated nearly 100 pips from an intraday swing high level of 141.50, with bulls struggling to sustain above a short-term ascending trend-channel. Extremely overbought conditions on hourly charts seemed to be the only factor that prompted some profit-taking amid a flurry of Brexit-related headlines. The cross now seems to have stabilized near 61.8% Fibonacci level of the 148.88-126.54 slide.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
