FX.co ★ GBP/JPY technical levels and trading recommendations for August 08, 2013

Overview

As it was expected yesterday, we should wait for breaking the Resistance level 150.00 before making the decision to continue the bullish move. Today and as shown from the H4 chart, the pair failed to break this Resistance level and is still trading below it after its rebound to reverse its bullish move taking a bearish move to break the Support level 149.40. Currently the pair is approaching the Support level 148.50 trying to break it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell signals till reaching the Support level 148.10 as a first target.

Resistance and support levels: R3 (151.80), R2 (151.30), R1 (150.70), S1 (150.00), S2 (149.40), S3(148.50)