Overbought conditions on 4-hourly/daily charts might cap any attempted positive move. A sustained break below trend-channel support might negate any near-term bullish bias. The GBP/JPY cross retreated further from multi-month tops set in the previous session and edged lower on the last trading day of the week, albeit has now managed to reverse an early dip to levels below mid-139.00s. The intraday slide managed to find some support near the lower end of a short-term ascending trend-channel, extending since the beginning of this week, which should act as a key pivotal point for short-term traders. Meanwhile, technical indicators on daily/4-hourly charts are still pointing to overbought conditions and should hold investors from placing any fresh bullish bets ahead of Saturday’s special UK Parliament session on Brexit. Hence, any subsequent move up seems more likely to confront some fresh supply near the 140.60 region and eventually cap the cross near the 141.00 round-figure mark amid speculations that the Brexit deal will be rejected by UK MPs. On the flip side, the trend-channel support, currently near the 139.45-40 region, might continue to protect the immediate downside, which if broken might negate any near-term bullish bias and prompt some fresh technical selling. 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 China: After 6% GDP growth in 3Q, we raise our 4Q forecast – ING FX Street 3 years Overbought conditions on 4-hourly/daily charts might cap any attempted positive move. A sustained break below trend-channel support might negate any near-term bullish bias. The GBP/JPY cross retreated further from multi-month tops set in the previous session and edged lower on the last trading day of the week, albeit has now managed to reverse an early dip to levels below mid-139.00s. The intraday slide managed to find some support near the lower end of a short-term ascending trend-channel, extending since the beginning of this week, which should act as a key pivotal point for short-term traders. Meanwhile, technical indicators… 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.
