GBP/JPY Is In a Downward Move, Further Selling Pressure Is Likely

9 July 2021 | Updated: 9 July 2021

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bearish
GBP/JPY pair is making an upward move to retest the previous resistance zone. The currency price has broken below the moving averages which suggest that the pound is capable of falling on the downside. Meanwhile, on June 18 downtrend, a retraced candle body tested the 61.8% retracement level. The retracement indicates that the Pound will fall to level 2.618 Fibonacci extension.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
GBP/JPY pair is at level 46 of the Relative Strength Index period 14. This indicates that the pair is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The Pound is in the bearish trend zone as price is below the SMAs

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The pair has been falling after rejection from 155.00 high. The currency price is attempting to break above the moving averages. A break above the SMAs will propel the pair to rise to the previous highs GBP/JPY will resume selling pressure if it faces rejection at the recent high.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The currency pair is above the 70% range of the daily stochastic and approaching the overbought region. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping down indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair is in a downward move. The currency pair is rising and approaching the overbought region of the market. It implies that the market will decline in the overbought region


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.