GBPJPY → The bullish trend will continue, but...

Dec 1, 2023

GBPJPY is forming a set-up within the ascending channel, which predicts the continuation of the trend, but for this the price needs to overcome the resistance at 188.28.



On D1 we can see that fundamentally and technically the national currency of Great Britain looks much stronger than the Japanese currency, although Tokyo has been trying hard to strengthen the currency lately, which technically works, but only against the background of the weakening of the dollar index.

From the point of view of technical analysis, the price is pushing away from the support of the ascending channel and continues to forge the ascending triangle, a false breakdown of the resistance was formed earlier, but there is no fall, which could change the trend. The price is returning to the resistance, which only confirms the target level: 188.28. A break of this resistance will continue to form an impulse, which will only continue the trend. The moving averages are supporting the trend.

Support levels: 186.8, 0.236 fibo, 0.382 fibo
Resistance levels: 187.13, 187.55 188.28

The market outlook is bullish, at least for the moment. There are no prerequisites for a possible breakout of support, so we stick to the realization of the bullish scenario.

Regards R. Linda!