GBPJPY Rising Channel| Local S/R| .382 Fibonacci| 200 DMA

Oct 3, 2020Evening Traders,

Today’s Analysis – GBPJPY- breaking bearish from its ascending channel, downside momentum probable.

Points to consider,
- Bearish Price Action
- Channel Support Broken
- Daily S/R Support
- Local S/R Resistance
- Resistance Confluence

GBPUSD’s immediate Price Action is bearish by breaking ascending channel support, this allows us to have a bearish bias on the market.

The Daily S/R is current support that is likely to get respected on first attempt. The Price Action resistance is poised by the Local S/R that has confluence with the 200 DMA and .382 Fibonacci.

The Volume Profile is slightly above average, an influx will be noticeable especially when testing key levels such as the Daily S/R.

Overall, in my opinion, GBPUSD is a valid short with defined risk; price action is to be used upon discretion/ management of trade.

Hope this analysis helps

Thank you for following my work!

And remember,

“The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behavior.” – Brett Steenbarger