Bears slow down near 50% Fibonacci retracement amid oversold RSI

 

  • GBP/JPY stays heavy for fourth consecutive day, nears lowest levels since July 01.
  • The key Fibonacci retracement may offer intermediate moves but buyers are less likely to enter below 100-day SMA.
  • June low is on the bears’ radars below the immediate stop beyond 133.00.

This analysis powered by pipswin

GBP / JPY slightly offered stay down to 133.98 during the pre-British opening Tuesday. In doing so, the pair of vendors catch a break from the lowest since early July amid oversold RSI conditions.

Other than the indicator of momentum mentioned above, the increase Fibonacci retracement of 50% from March to September with GBP / JPY also probes bears around 133.35.

Consequently, additional weakness quote is limited beyond retracement of key Fibonacci support, a break that will remember the low of June 131.76 Back to table.

Rather, July 24 low near 135 may limit the short-term withdrawal of the pair. Although buyers are likely to remain cautious unless the testimony of a break of SMA 100 days at 135.73 now.

Given the capacity of two to cross 100 day SMA on a daily close, many obstacles to higher around 136.60 / 65 can question buyers GBP / JPY as described by a horizontal line in the short term.

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