• GBP/JPY is bullish, but it might have start a consolidation period after a furious rally in October.
  • The RSI in overbought territory while the MACD is green and rising.
  • The pair might sideways trade between 197.00 and 199.00.

The GBP/JPY currency pair mildly declined on Wednesday as investors seem to be taking a breather. However, the outlook remains bullish and he buyers must cold the 199.00 line

The Relative Strength Index (RSI) indicator has recently crossed into overbought territory, suggesting that the uptrend in the pair may be overextended and that a pullback or correction is likely. However, the Moving Average Convergence Divergence (MACD) is green and rising, suggesting that buying pressure is rising. The overall outlook is bullish, with the pair expected to continue trading higher in the near term but a period of side-ways trade shouldn’t be taken off the table.

Traders may consider taking profit or adjusting their positions accordingly to navigate this potential market shift. That potential consolidation might take place between the 197.00 and 199.00 boundaries.

GBP/JPY daily chart

Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision

Exit mobile version