GBP/JPY: 4-hour
Reversal alert! Guppy already made a sharp selloff recently but could be in for more losses, as a double top can be seen on its 4-hour forex time frame. The pair is currently testing the neckline around the 186.00 major psychological support, and a breakdown could confirm that a longer-term downtrend might take place. Note that the chart formation is approximately 1,000 pips in height so the resulting selloff could be of the same size. Wouldn’t want to miss out on that one, would ya? Stochastic is still pointing down, indicating that there may be enough bearish momentum left for a downside break. If you’re hoping to trade this setup, make sure you review our lesson on How to Trade Double Top Patterns first!
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