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Old 25-07-2018, 07:40
ObasiFXMart ObasiFXMart is offline
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Default Re: Daily Market Analysis by ForexMart

GBP/JPY Technical Analysis: July 25, 2018



The sterling pound moved sideways amid trading session yesterday, with an exception for a slight reversal and bullish pressure. As of this writing, the 146 level above was unable to break. While the previous ascending trend line was broken through which stimulate a little bit of resistance. In case of a slice above the 147 region will prove the strength of the recovery. On the contrary, we can expect for a lot of sideways action in the near term.

There are forecasts that the area under the 145 will be supportive which would likely require some pressure to cut through that region. Generally, the market will contain plenty of noise with a slightly downward proclivity as to the concerns about trade battles and the like.

It should be noted that the GBP/JPY currency pair is very sensitive to global risk appetite alongside the added issue of political chaos in Great Britain, which slightly puts off this market downwards. The presence of some reversal is very difficult to deal with but if we reach higher than the 147 level, then new profits will pour in the trading place and would accelerate further. While a break down underneath the 145 level would probably open a way through the 142.50 region.
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