💱GBPJPY - A retest of support could strengthen the price
GBPJPY is forming a counter-trend correction on the background of the upward bullish trend. Within the correction and descending price channel, a bullish reaction is possible when support is retested
TA on the high timeframe:
1) resistance line at 183.76 was broken earlier
2) Bulls are trying hard to hold this area. A false breakout may follow on the back of weakening GBP, but a surge in liquidity may push the price up
TA on the low timeframe:
1) A correction forms after a breakout of the ascending price channel
2) The correction is formed within the descending price channel
3) Price may soon test the support area at 183.09
4) From the support, on the background of the global bullish trend, we can expect growth.
Key resistance📈: 185.25
Key support📉: 183.09
TA on the high timeframe:
1) resistance line at 183.76 was broken earlier
2) Bulls are trying hard to hold this area. A false breakout may follow on the back of weakening GBP, but a surge in liquidity may push the price up
TA on the low timeframe:
1) A correction forms after a breakout of the ascending price channel
2) The correction is formed within the descending price channel
3) Price may soon test the support area at 183.09
4) From the support, on the background of the global bullish trend, we can expect growth.
Key resistance📈: 185.25
Key support📉: 183.09
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