GBPJPY facing bullish pressure, potential for further upside

GBPJPY facing bullish pressure, potential for further upside for FX:GBPJPY by FXCM

GBPJPY facing bullish pressure, potential for further upside



GBPJPY is facing upside pressure from ascending trendline support on the daily and weekly timeframe . It is also taking support from the horizontal swing low support which coincides with the 127.2% Fibonacci extension as well as the 161.8% Fibonacci extension . It will probably bounce to our 1st resistance which is our horizontal swing high resistance as well as the 61.8% Fibonacci retracement level. If prices fall through, our stop loss will be at 2nd support which is our horizontal swing low support as well as the 78.6% Fibonacci retracement level. MACD is also suggesting that prices are bullish .

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