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7 Aug 2017
GBP/JPY hints at uptick selling
The hourly 50-period SMA broke through the slower 200-period SMA, adding credence to the recent bearish GBP/JPY profile.
From here, if GBP/JPY spot rises closer to the level where the moving averages crossed, then sellers might see it as an opportunity to reenter at a better price. Furthermore, a convincing break through the 50-SMA signals a neutral tone, shifting positive above the 200-SMA.
From here, if GBP/JPY spot rises closer to the level where the moving averages crossed, then sellers might see it as an opportunity to reenter at a better price. Furthermore, a convincing break through the 50-SMA signals a neutral tone, shifting positive above the 200-SMA.