FxWirePro: GBP/JPY forms Bearish pattern, good to sell on rallies
Harmonic pattern – Bearish AB=CD pattern. Potential Reversal Zone (PRZ) - 148.55. GBP/JPY has shown a good jump on Friday and hits high of 148.54 and declined more than 100 pips from the high. The pair is currently tradi…
GBP/JPY has shown a good jump on Friday and hits high of 148.54 and declined more than 100 pips from the high. The pair is currently trading around 147.77.
The pair has formed Bearish AB=CD pattern in hourly chart and potential reversal zone is around 148.54 level. Any break above 148.55 will take the pair till 149/150.
On the lower side, near term support is around 147.40 and any break below will drag the pair till 146.95/146.36.
It is good to sell on rallies around 148.35-40 with SL around 149 for the TP of 147.
