The GBP/JPY currency pair is currently showing a tendency to continue its decline. This signal is supported by the downward trendline direction, signaling that selling pressure is still dominant in the current market structure.
In addition, the formation of a bearish candlestick pattern provides further confirmation that the downside potential remains open. The appearance of a double top pattern, which is one of the technical signals of reversal, further strengthens the short-term downside potential.
As long as the price does not break the resistance area significantly, the bearish outlook remains valid.
Recommendation:
- Sell GBP/JPY
- Entry: 197.300
- Take Profit 1: 196.900
- Take Profit 2: 196.500
- Stop Loss: 197.700
*DISCLAIMER: All content in daily forex news is informative. PT. Maxco Futures does not guarantee its accuracy and completeness. The company is not responsible for investment losses due to the use of the information contained.
