FX.co ★ GBPJPY is facing bearish pressure, potential for further drop!

Price is facing bearish pressure from our first resistance, in line with our 50% fibonacci extension, 23.6%, 38.2%, 61.8 fibonacci retracement, and horizontal graphical resistance where we could see a reversal below this level to our first support level. The 55 period EMA is showing signs of bearish pressure in line with our first resistance

Trading Recommendation

Entry: 135.338

Reason for Entry:

50% fibonacci extension, 23.6%, 38.2%, 61.8 fibonacci retracement and horizontal graphical resistance

Take Profit: 132.862

Reason for Take Profit:

Graphical Support level, 23.6%, and 127% Fibonacci retracement

Stop Loss: 136.762

Reason for Stop Loss:

38.2% and 78.6% fibonacci retracement