Cross-rates signals: GBP/JPY forms a “double bottom”

Cross GBP/JPY moved to growth after updating the minimum at the loss of 147.40-30, which meets the lower boundary of the trading channel, thus pointing to the general preservation of optimism on the pair, which is drived by optimism on Brexit. In addition to the preservation of the upward channel, the cross forms a “double bottom” figure, that confirms the formation of a reversal.

Fixing the cross above 148.20-40 will serve as a signal to buy the pair GBP/JPY, thereby opening the way to resistance levels: 148.80-149.00 and 149.40-60. Significant support is the marks: 147.60-50 and 147.20-00.

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Hanzenko Anton

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