FX.co ★ GBP/JPY technical levels and trading recommendations for November 28, 2013

Overview

From the today's H4 chart and as it was expected yesterday, the p =air might take the new bullish signals in case of closing 4H above the Resistance level 166.00 after it was tested yesterday. Today, the pair took an upward movement and has managed to break the strong resistance level, but it bounced again immediately from the upper boundary of the bullish channel, as shown, and currently, the price is trading inside the bullish channel. More bullish signals are still expected in case of closing above this resistance area with first target few pips below the resistance level 167.70, hence we should wait for more confirmations before making the decision.

Resistance and support levels: R3 (168.60) R2 (168.00) R1 (167.70), S1 (166.80), S2 (166.00) S3(165.30)