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In an Active Mode, GBPJPY Gets Set for the Upside Momentum
GBPJPY Price Analysis – August 28
The pair is likely to stay uneventful in the short-term as the RSI and the moving averages are flattening and the price is rising slowly. In any case, the recent fundamentals affecting the Pound had made the pair stay in an exciting area and proposes that there is a positive inclination towards the upside, even though the momentum is not so strong, it is not completely weak.
Key Levels
Resistance Levels: 148.66, 135.93, 130.13
Support Levels: 128.16, 127.54, 126.56
GBPJPY Long term Trend: Bearish
In the longer-term picture, the outlook remains bearish for the pair as it could stay well under the upper horizontal line on the level at 130.13. The medium-term fall from the level at 148.66 (high) is still in progress. However, the next target is 127.54 (low).
Although the forex pair is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
GBPJPY Short term Trend: Ranging
The intraday bias in GBPJPY remains neutral as consolidation from the level at 128.16 might extend. On the upside, the break of the level at 130.13 may extend the recovery. But upside should be limited by the resistance on the horizontal level at 135.93 to bring down trend resumption.
Although, buying could speed up should prices move above the nearby swing high on the level at 133.00 where further buy stops might get triggered.
Source: https://learn2.trade
