GBPJPY: 27.02.2017
Timeframe: D1
Downtrend movement with correction to 61.8% of Fibo.
Triangle figure is formed and there is a break through the lower diagonal - signal for decline.
Break through a major diagonal of the corrective uptrend - signal for lowering.
Figure: Triangle
Price Action: bearish bar, closed under the figure - negative signal.
Technical Indicators:
SMA50/200 - give mixed signals.
CCI50 - in negative zone - there are more sellers on the market.
DeM - doesn't give a clear signal.
For better entry price and shorter stop loss, we can wait for 50% correction of the last bearish bar around 140.57.
SL: 143.57
Alternative scenario: if price goes back above the major corrective uptrend diagonal, then the negative formation would fail.
Fundament: Scottish referendum report led the British currency to decline and the current sentiment is negative for the pound.
Jr_Trader_Ivan_Ivanov
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