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Forex: GBP/JPY Technical Analysis – Pound Stalls Sub-155.00

Forex: GBP/JPY Technical Analysis – Pound Stalls Sub-155.00

2013-08-26 10:58:00
Ilya Spivak, Head Strategist, APAC
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GBP/JPY Technical Analysis – Prices pierced resistance at the top of a Triangle chart pattern, completing a setup indicative of bullish trend continuation. The bulls are now testing the 38.2% Fibonacci expansion at 154.29, with a break above that exposing the 50% level at 156.51. Alternatively, a move back below the Triangle top (now at 152.84) eyes the 23.6% Fib at 151.54.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis – Pound Stalls Sub-155.00

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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