GBPJPY Price Continues to Melt Down in Bearish Supply
GBPJPY Analysis – May 13
GBPJPY price action seems to be overwhelmed by the bearish sentiment. There has always been a significant drop in the pair as the dollar’s strength continues to diminish. The GPJPY sellers are therefore taking the price order back to fill in all the voids created by price sentiment in the bullish trend. Traders should expect more price drops as the pair approaches the 153.150 key level.
GBPJPY Important Zones
Resistance Zones: 168.520, 159.730
Support Zones: 153.150, 148.780
GBPYPY Long Term Trend: Bearish
GBPJPY first attempted accumulation as the prospect was assembling price moments in a brief consolidation between 148.170 and 153.150. The bulls then prepared a breakout above the 153.150 key level into the price trending phase. This is where the bulls and the bears begin to play the strength of the price tendency. The buyers ultimately took the trophy of yielding price action forward.
The bulls continued to trend as the GBPJPY raced upward beyond the 159.730 significant level. The bullish race came to a verge after the buyers failed considerably to value the price tendency above the 168.520 resistance zone. As a result of the bearish supply overwhelming the pair, the price begins to meltdown. Even though the price was initially settled in bullish sentiment, the True strength indicators show that the bears are still causing significant disruption. The Moving Average Indicator also supplies crosses in a downtrend.
GBPJPY Short Term Trend: Bearish
After a long trend of bullish displays, on the 4hr chart, the price is now constantly dropping and is currently below the 159.730 key level. The buyers are still aiming to push the price level up before a more bearish supply overwhelms the market. Traders should anticipate a price retracement close to the 159.730 resistance level before the bearish meltdown continues.
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