GBP/JPY: 1-hour
Here's a symmetrical triangle chart pattern that’s just forming on GBP/JPY’s 1-hour forex time frame. After bouncing off the triangle support near the 178.00 major psychological level, the pair seems to be on its way to test the resistance around the 179.50 minor psychological level. However, stochastic is already indicating overbought conditions, which means that pound bulls need to take a break. If the bears take over, the pair might test support at the bottom of the triangle once more or even push for a breakdown.
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