Cross-rates signals: GBP/JPY is trading in the channel

After another repulsion from the support level, correction and the resumption of the downward movement, the GBP/JPY cross-rate again prepares to test the neck level, which has become the lower boundary of the descending channel.

At the moment, the pair is trading near Monday’s lows: 148.00-20. The lower boundary of the descending channel has shifted to the level of 147.80-60. The repulsion is possible from this level as well as correction.

Despite the lengthening of the wave formation, the forecast “Cross-rates signals: GBP/JPY returns to the ” head and shoulders! figure “remains in force, but already as a breakout of support, and only if the price is fixed below the level of 147.80-60. An alternative and more relevant signal is purchases on the repulsion from the support zone 148.00 with a target 148.90 and 149.30.

Hanzenko Anton