GBPJPY : BEARISH TREND REVERSAL
- The GBPJPY pair has rebounded strongly since the start of the year and the impact over 178.75. The market registered higher highs and lows, pushing prices 7% up in less than 2 months. The medium-term trend was therefore bullish.
- However, the market twice failed to break out its last high at 191.20.
This failure led prices to break their uptrend line, as well as register a new low towards the crucial 188.35 area (23.6% Fibonacci).
This double top pattern is very alarming for the market, especially since it is also confirmed by the recent bearish breakout of the RSI, which is now moving inside its selling zone for the first time since the start of the bullish trend.
- This is a bearish reversal situation. The double top pattern suggests that the market will not simply enter a sideways consolidation, but will register a much deeper correction.
Prices appear to be attempting a pull-back on the neckline of the pattern, but the next supports will be at 186.51, 185.05, 183.55 or even lower.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- However, the market twice failed to break out its last high at 191.20.
This failure led prices to break their uptrend line, as well as register a new low towards the crucial 188.35 area (23.6% Fibonacci).
This double top pattern is very alarming for the market, especially since it is also confirmed by the recent bearish breakout of the RSI, which is now moving inside its selling zone for the first time since the start of the bullish trend.
- This is a bearish reversal situation. The double top pattern suggests that the market will not simply enter a sideways consolidation, but will register a much deeper correction.
Prices appear to be attempting a pull-back on the neckline of the pattern, but the next supports will be at 186.51, 185.05, 183.55 or even lower.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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