FxWirePro: GBP/JPY forms Bullish pattern, good to buy on dips
Harmonic pattern formed – Bullish AB=CD Potential reversal Zone – 139.50 GBP/JPY formed a minor bottom around 139.53 and shown a minor jump from that level. It is currently trading around 140.40. UK Pound was trading wea…
GBP/JPY formed a minor bottom around 139.53 and shown a minor jump from that level. It is currently trading around 140.40.
UK Pound was trading weak against all majors after UK election results. Sterling ended last week as weakest major currency as may struggles to form a minority government after winning just 318 seats eight short of majority.
In the 4hour chart the pair has formed Bullish AB= CD pattern and any minor weakness can be seen only below 139.50.
On the higher side, near term resistance is around 141.27 (21 4H EMA) and any break above will take the pair till 142.25 (61.8% retracement of 143.95)/143.
It is good to buy on dips around 140.10-20 with SL around 139.50 for the TP of 141.25/142.30.
