“¢ The cross extended its sideways consolidative trading action and remained confined within a broader trading range near the top end of a short-term descending trend-channel. “¢ The channel, extending from near two-month tops set on Jan. 25, points to a well-established bearish trend, though fading safe-haven demand helped limit immediate downside. “¢ Meanwhile, the range-bound price action constituted towards the formation of a rectangular chart pattern on the 1-hourly chart, usually seen as a continuation pattern. “¢ Neutral technical indicators on hourly/daily charts have failed to provide any directional impetus and warrant some caution before placing any aggressive bets. “¢ Hence, it would be prudent to wait for a decisive break through the mentioned trading range in order to determine/position for the pair’s next leg of a meaningful direction move. GBP/JPY 1-hourly chart GBP/JPY Overview: Today Last Price: 142.08 Today Daily change %: 0.06% Today Daily Open: 141.99 Trends: Daily SMA20: 142.4 Daily SMA50: 141.4 Daily SMA100: 143.99 Daily SMA200: 144.88 Levels: Previous Daily High: 142.56 Previous Daily Low: 141.86 Previous Weekly High: 144.18 Previous Weekly Low: 141.12 Previous Monthly High: 144.85 Previous Monthly Low: 131.79 Daily Fibonacci 38.2%: 142.29 Daily Fibonacci 61.8%: 142.13 Daily Pivot Point S1: 141.72 Daily Pivot Point S2: 141.44 Daily Pivot Point S3: 141.01 Daily Pivot Point R1: 142.42 Daily Pivot Point R2: 142.84 Daily Pivot Point R3: 143.12 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 RBNZ: OCR likely to remain unchanged – TDS FX Street 4 years "¢ The cross extended its sideways consolidative trading action and remained confined within a broader trading range near the top end of a short-term descending trend-channel. "¢ The channel, extending from near two-month tops set on Jan. 25, points to a well-established bearish trend, though fading safe-haven demand helped limit immediate downside. "¢ Meanwhile, the range-bound price action constituted towards the formation of a rectangular chart pattern on the 1-hourly chart, usually seen as a continuation pattern. "¢ Neutral technical indicators on hourly/daily charts have failed to provide any directional impetus… 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.
