GBPJPY price is accumulating a selling force back to the 159.970 critical level. The buy traders have recently been subdued due to the high selling impact of the sell merchants. The bear traders now influence the GBPJPY price since buyers have been lately subdued. Traders should therefore pay attention to the GBPJPY’s drop to the key level of 159.970.
GBPJPY Key Levels
Resistance Levels: 168.840, 159.790 Support Levels: 155.530, 150.810
GBPJPY Long-Term Trend: Bearish
The buyers and the sellers have been dominant in the GBPJPY trend at various times. The market’s tendency was first engaged in the swing range consolidation phase. The buying and selling traders continue to swing the value in the consolidation phase. The bull traders eventually picked up momentum as its value rose, breaking through the 159.790 critical level. Shortly followed on the daily chart was a short retracement before a further push over to continue forward.
Momentum increased, taking the bullish price to the 168.840 key level. A considerable fall came into play at the 168.840 key level as the sellers gave room for a fall downward. The sell moment now follows the same repetitive pattern, with the bear market lowering the price back to its key level of 168.840. The Money Flow Index shows the bullish tendency is already over as sellers are now dripping prices downward.
GBPJPY Short Term Trend: Bearish
On the four-hour chart of the GBPJPY pair, a bearish dive is now being observed in the market. The Relative Strength Index demonstrates that the market is currently seeing a downward trend in the selling force. As a result, a bearish decline down to the important mark of 159.790 is anticipated.
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