GBPJPY affected by the indicators' contradiction – Analysis – 7-8-2017

The GBPJPY pair settled near 144.50 level since Friday’s trading, affected by the contradiction of the main indicators, to be confined within tight range that represented by the moving average 55 by forming an initial support at 143.50, while the initial resistance extends to 145.60.

The stability of the price below the critical resistance at 147.60 mainly makes us prefer the negative attempts, and surpassing the initial support makes us expect reaching to 141.80 to form the main station in the bearish trading.

Expected trading range for today is between 145.00 and 143.50

Expected trend for today: Bearish