GBPJPY repeats the negative attempts – Analysis – 2-3-2017

The GBPJPY price remains affected by the bearish bias domination to begin building new bearish wave after recording 140.70 level, to keep its stability within the main bearish channel’s levels, reminding you that the bearish expectation depends on the strength of the resistance at 141.00, to get its negative momentum, to attempt to renew the pressure on the initial support by reaching 138.80.

The fluctuation of the moving average 55 below the main resistance increases the negative pressure on the price besides the stability of stochastic below 50 level, to assist to provide extra momentum in the near trading until reaching the waited target.

Expected trading range for today is between 140.85 and 138.80

Expected trend for today: bearish.