GBP/JPY 06.10.l2016 H4 chart
Longterm downtrend and correction of the last short-term short.
Sterling remains under pressure and sellers numbers increase.
The price reached diagonal and horizontal resistances.
Price action signal: Pin Bar at levels of resistance and the short is probable.
Technical indicators :
The price stops at SMA 100 - negative signal
CCI(50) - turning down in overbought zone
Alternative scenario - If the price breaks over horizontal resistances will activate formation double bottom and that may lead to uptrend movement.
SL: 132.70
Jr.Trader Nikolay Georgiev
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