GBPJPY declined once again after a minor jump above the 191 level. The pair is waiting for momentum news to push prices higher. It hit a high of 191.43 and is currently trading around 190.63.
Technicals-
The pair trades below 34- and 55 EMA in the hourly chart.
The near-term resistance is around 191.50, a breach above the target of 192—major trend continuation only above 192.05. Any surge past 192.05 will push the pair to 193. The immediate support is at 190.50, any violation below will drag the pair to 190/189.48/188.90.
Indicator (hourly chart)
CCI (14)- Bearish (below -100)
CCI (50)- Bearish
Average directional movement Index - Neutral (strength below 20). All indicators confirms a mild bullish trend.
It is good to wait for confirmation.
