GBPJPY provides negative trading – Analysis – 9-8-2017

The GBPJPY pair succeeded to decline below 143.85 level and form the double top pattern to reinforce its decline by moving towards 142.45, while the price consolidation below the moving average 55 reinforces the bearish overview to keep waiting to reach the extended support at 141.82 followed by monitoring the price behavior until detecting the main trend for the upcoming period.

We should note that the continuation of the negative pressures and attempting to break the targeted support will force the price to move to new negative track and attempt to reach 23.6% Fibonacci correction level at 140.35.

Expected trading range for today is between 143.80 and 141.82

Expected trend for today: Bearish