GBPJPY seeks additional momentum – Analysis – 14-8-2017

The GBPJPY pair was forced to form intraday positive rebound recently to settle around the broken support at 142.80, affected by stochastic exit from the oversold areas, while the bearish scenario depends on the stability of the broken support and forming new resistance to allow the price to gather new negative momentum and resume the attempts to record the negative targets by moving towards 140.35 followed by 138.50 in the upcoming period.

The consolidation of the moving average 55 above the price confirms blocking the price within the bearish range to increase the chances of gathering the negative momentum and reach the waited targets.

Expected trading range for today is between 142.80 and 140.35

Expected trend for today: Bearish