Cross-rates signals: GBP/JPY is in anticipation of double-top development

The cross-rate GBP/JPY on the H1 timeframe formed the figure “double top”. The completion of this figure will open the way to the support levels: 151.00-150.90. Also, this pair remains a third week in a sideways trend, which may indicate a deeper correction for the pair.

In this case, one should expect the development of a downtrend to the support levels of 150.30-10 and 149.40-10, which will indicate the formation of the formation of “head and shoulders” on the timeframe H4.

Fig. GBP/JPY. The current price is 151.30.

Hanzenko Anton