Home GBPJPY Faces Downside Pressure On Continued Bearishness
Forex Bits

GBPJPY Faces Downside Pressure On Continued Bearishness

GBPJPY: Having continued to maintain its broader weakness, GBPJPY faces downside pressure on continued bearishness. This view remains valid as long as the cross trades holds below its key resistance zone at 180.22/82.

On the downside, support comes in at the 176.00 level where a violation will aim at the 175.00 level. A break below here will target the 174.00 level followed by the 173.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance is seen at the 178.00 level followed by the 179.00 level. A cut through that level will set the stage for a move further higher towards the 180.00 level. Further out, resistance resides at the 181.00 level. All in all, GBPJPY faces downside pressure on continued bearishness while holding the 180.22/82 resistance zone.

GBPJPY

Our latest podcast is titled The Fed Awakens, and what’s next?

Follow us on Sticher or on iTunes

FX Tech Strategy

FX Tech Strategy

FX Tech Strategy provides simple forex research for Intra-day, swing and position traders. For over 6 years, FXTechstrategy has been committed to providing forex traders including intra-day, swing and position traders exceptional forex research with technical analysis expertise that makes trading decisions easy and painless. FXTchstrategy won Best Technical Analysis (forex best awards) by fxstreet in 2011 and was finalists, Star Awards by traderplanet in 2011 & 2012.