The GBP/JPY chart indicates a potential bearish outlook based on the following key observations
Downtrend Line Resistance: The pair has recently struck a descending trendline, reinforcing downward momentum. This resistance is a significant psychological barrier.
Proximity to Support Zones: While support exists, price action failing to rebound strongly suggests weakening buyer interest.
Lower High Formation: Consistent formation of lower highs aligns with bearish sentiment.
Volume and Candlestick Analysis: If bearish candlesticks like engulfing patterns form near the trendline, it may confirm further downside.
Further confirmation could come from a breakdown of marked support levels.
Downtrend Line Resistance: The pair has recently struck a descending trendline, reinforcing downward momentum. This resistance is a significant psychological barrier.
Proximity to Support Zones: While support exists, price action failing to rebound strongly suggests weakening buyer interest.
Lower High Formation: Consistent formation of lower highs aligns with bearish sentiment.
Volume and Candlestick Analysis: If bearish candlesticks like engulfing patterns form near the trendline, it may confirm further downside.
Further confirmation could come from a breakdown of marked support levels.
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