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GBP/JPY Rejection from Resistance Zone GBP/JPY Rejection from Resistance Zone 🧱📌 | Bearish Setup In Play 🔻💹 📌 Technical Analysis Overview: The chart illustrates a clear rejection from the resistance zone around 198.460, where previous price action formed a double-top pattern (🔴 red arrow). This suggests a strong supply area with selling pressure building. 🔍 Key Observations: 📏 Trendline Break: The upward trendline (blue) has been decisively broken. This break signals a loss of bullish momentum. 🧱 Resistance Zone @ 198.000–198.460: Price tested this zone multiple times but failed to break above. Acts now as a strong resistance zone. 🟠 Support Turned Resistance: Former support has now turned into resistance (highlighted in blue text: "SUPPOT"). 📉 Bearish Projection: The projected path indicates a possible retest of the resistance zone before a sell-off continuation. Target area: around 194.500, marked as “TAEGET FAXS” (typo: should be “TARGET ZONE”). 🔄 Possible Scenarios: ✅ Bearish Continuation: If price rejects again near 198.000, expect a bearish move toward 194.500. ⚠️ Invalidation: A strong breakout above 198.460 would invalidate the bearish thesis and may resume bullish momentum. 🔚 Conclusion: The pair is currently under pressure with a confirmed break in trend structure. As long as price remains below 198.460, the bias remains bearish with a target toward the 194.500 zone. 📉👀
Short
by MrStellanSight
GBP/USD Bearish Harmonic Pattern Analysis GBP/USD Bearish Harmonic Pattern Analysis 🐻 🔍 Chart Overview: The GBP/USD pair is presenting a bearish reversal scenario driven by multiple technical factors, including a well-formed bearish harmonic pattern, resistance rejection, and trendline breakdowns. 📌 Key Highlights: 🔺 Bearish Rejections: Red arrows highlight multiple failed attempts to break above key trendlines and the resistance zone around 1.37800–1.38000, signaling strong seller interest. 🦋 Bearish Harmonic Pattern: A completed harmonic pattern (likely a Gartley or Bat structure) indicates a potential reversal zone aligning precisely with the resistance area. Price has already started to react downward from the D-point. 📉 Breakdown Structure: Price broke below a key ascending trendline (now acting as resistance). A fresh lower high has formed, confirming bearish momentum. 📦 Support & Target Zone: Major support area marked between 1.35124 – 1.35300, aligning with historical demand zones and fib levels. Target is set at 1.35124, which is both the harmonic pattern's projected leg and a strong confluence support. 🟠 Reaction Zones: Orange circles highlight previous reaction points where price either bounced or reversed. These zones confirm key liquidity areas where institutional activity may be present. 📊 Conclusion: GBP/USD is respecting a bearish harmonic pattern and showing multiple signs of reversal from the resistance zone. If current momentum continues, price is likely to move toward the 1.35124 target zone. A break below 1.36000 would strengthen bearish confirmation. 🚨 Trading Note: Traders should monitor for follow-through bearish candles and volume confirmation before entering short positions. Keep risk-managed with stops above 1.37800.
Short
by MrStellanSight
GBP Analysis for Potential Buy or Sell Entry Overview: We’re focusing on a POI (Point of Interest) zone where we expect potential price reactions. This POI zone represents a key support or resistance area, and it will determine whether we enter a buy or sell position depending on how the market price reacts to it. Plan: 1. If the market price finds support at the POI Zone: Look for confirmation signals (such as bullish candlesticks, break of recent highs, or volume increases). Enter a Buy position targeting higher levels, aiming for a positive risk-reward ratio. Identify potential target levels based on previous resistance or Fibonacci extensions. 2. If the POI Zone fails as support: Wait for the price to retrace back towards the POI zone, testing it as resistance. Enter a Sell position targeting lower levels, especially if bearish patterns or momentum indicators confirm the move. --- Key Reminder: Trading always involves probabilities, not certainties. No strategy is foolproof, and risk management is essential. Make sure to place stop-losses in appropriate positions to protect your capital, and remember that disciplined execution is key.
Long
by dkrajkumar90