GBPJPY trades negatively – Analysis – 8-8-2017

The GBPJPY pair continued the sideways fluctuation above the moving average 55 attempting to delay the negative attack on the intraday basis, but stochastic reach to the oversold level reinforces the negative domination by providing negative momentum, to expect surpassing 146.85 level, which forms the double top pattern, to push it to suffer extra losses by reaching 142.60 and 141.80.

The risk of changing the current trend is represented by the price rally above 145.00 level and providing positive close to expect forming bullish correctional bias that targets 146.20 level reaching the resistance at 147.60.

Expected trading range for today is between 147.00 and 143.50

Expected trend for today: Bearish