FX.co ★ GBP/JPY technical levels and trading recommendations for July 16, 2013

Overview:

From the today's H4 chart, we can notice that the pair opened today below the lower boundary of its bullish channel which would give the pair a good opportunity to start its bearish move. Actually and as shown, the pair took a slightly downward move and currently is trading above the support level 149.65 and below the resistance level 150.60. More bearish signals are still expected as long as the pair is trading below the resistance level, so we can consider our first target few pips above the support level 148.85, then it is prefered to wait for breaking this support level and closing 4H below to continue the bearish move.

Resistance and support levels: R3 (151.90) R2 (151.50) R1 (151.15), S1 (150.60), S2 (149.65), S3 (148.85).