The GBP/JPY currency pair is currently showing a bearish bias, with a strong potential for further downside. This bearish outlook is confirmed by the formation of a double top pattern—one of the most common technical signals for a trend reversal.
Additionally, the shift in trendline direction from a previous uptrend to a downward movement strengthens the selling outlook. As long as the price remains below the resistance area formed by the double top peaks, selling pressure is expected to continue.
- Recommendation: Sell GBP/JPY
- Entry: 196.270
- Take Profit 1: 195.870
- Take Profit 2: 195.470
- Stop Loss: 196.670
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