GBPJPY pushes on the resistance – Analysis – 7-11-2016

The GBPJPY pair price ended its bullish rally by hitting the resistance at 130.00 to form a strong obstacle against resuming the negative attack and begin to form bullish correctional bias, therefore, we will depend on the stability of this resistance to keep preferring the negativity in the near and medium period, noting that the first target located at 128.15 to target 126.40.

We should mention that the continuation of the positive pressure might force the price to breach the current resistance, which makes us delay the negative overview and that agree with the positive rally of the price, to expect targeting 132.85 level to monitor its behavior for detecting the futuristic targets clearly.

Expected trading range for today is between 130.00 and 128.15

Expected trend for today: Bearish