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- GBP/JPY Price Analysis: Bears are flexing at key hourly support
GBP/JPY Price Analysis: Bears are flexing at key hourly support
- GBP/JPY bears are moving in and the hourly support is under pressure.
- The cross is on the verge of a breakout on the hourly time frame.
GBP/JPY bears have started to engage following a significant correction of the daily bearish impulse. the cross has corrected 50% of the prior bearish impulse and is meeting a prior structure on the daily chart. The following illustrates the daily chart and hourly chart's structure and prospects for a move lower in the coming sessions to attack the support at 159.60 that would need to give out.
GBP/JPY daily chart
The daily chart is stacking up to be a downside continuation so long as the current resistance holds.
GBP/USD H1 chart
As per the prior analysis from the New York session, the price has engaged with the hourly support and is correcting:
Prior analysis:
The price has corrected to a 38.2% Fibonacci level and can be expected to move lower for a restest of the support one in die course. There would be some room to go for a restest of the prior support near a 61.8% ratio and 163 the figure in the meantime as the last defence before further downside.
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