The price of the GBP/JPY currency pair is currently showing a tendency to decline. This weakening signal can be seen from the change in trend direction, which is starting to show indications of a reversal from an uptrend to a downtrend in the short term.
The selling pressure is also reinforced by the formation of a swing high and a double top pattern, which is a classic technical signal of a potential downward reversal.
As long as the price does not break the latest resistance level, the downside potential is expected to remain quite strong
Recommendation:
- Sell GBP/JPY
- Entry: 199.200
- Take Profit 1: 198.800
- Take Profit 2: 198.400
- Stop Loss: 199.600
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