GBP/JPY has been sliding since marking a 2014-high at 189.71. This week, it continues to slide, and is accelerating downwards, forming a price top. Let’s take a look at the charts.
GBP/JPY broke below a common support around 181 and therefore formed a price top. It is extending its medium-term bearish correction from the 2014-high, but when we look at the weekly chart, we can see a bullish trend in the long-term that is still intact. Watch out for support around 175 if price gets there. The bullish outlook from that support area will first be 181. A break above 181.50-60 area can bring the 2014-high at 189.71 back into play.
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