GBP/JPY: 1-hour
Looking for a reversal? You might wanna keep close tabs on this potential double top formation on GBP/JPY’s 1-hour time frame. The pair failed in its last two attempts to break past the 195.00 major psychological resistance and might be on its way to test the neckline at the 191.00 major psychological mark. A break below this level could confirm that a downtrend is in order, and price could fall by around 400 pips or the same height as the formation. Take note, however, that the 100 SMA is above the 200 SMA while stochastic is starting to climb out of the oversold region, indicating that buyers could stay in control of price action. This means that another test of the resistance at 195.00 is possible!
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