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GBP/JPY Faces Bearish Pressure: Sell Rallies for Potential Profit

GBP/JPY  showed a minor pullback after hitting a low of 193.04. .It hits an intraday high of 193.65 and is currently trading around 193.59.  Intraday trend is bearish as long as resistance 195 holds.

The GBP/JPY pair is trading below  34 and above 55 EMA (Short-term) and  200 EMA (long term on the 4- hour chart, confirms a bearish trend.  Immediate resistance is at 194,a breach above this level targets of 194.70/195/196.50.  Downside support is at 193.50/193/192.35/191.70.

Market Indicators (4- hour)

CCI (50)- Bearish

Directional movement index - Bearish

Trading Strategy: Sell on rallies

 It Is good  to sell on rallies around 194 with SL around 195  for a TP of 191.70/190.

 

 

 

 

 

 

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