FX.co ★ GBP/JPY technical levels and trading recommendations for May 27, 2013

Overview

Today and as shown from the H4 chart, the pair is trying to continue its last week's bearish move but it hits the strong Support area of the intersection point between the upper boundary of the bullish channel with the Support level 152.50. The pair is still trading inside the bearish channel, but if it manages to break this intersection point, this will give us other strong bearish move below the Support level 152.50 and out of the bearish channel. Therefore, it would be a good opportunity to sell below then with first target 152.00, then the price will test the Support level 152.00 to continue our bearish signals in case of breaking this Support level as well.

Resistance and support levels: R3 (154.75) R2 (153.85), R1 (153.25), S1 (152.50), S2 (152.00), S3 (150.70).