Sell GBPJPY Bearish Channel

13 mar 2024

The GBP/JPY pair on the M30 timeframe displays a potential selling opportunity due to the presence of a well-defined bearish channel pattern. This pattern suggests ongoing selling pressure and a higher likelihood of further declines in the coming minutes or hours.

Key Points:

Sell Entry: Consider entering a short position around the current price of 188.60. This places your entry near the current price action and potentially close to a retest of the channel resistance.

Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
187.62: This represents a significant support level within the channel.
187.10: This is a further extension of the downside target, based on the height of the channel.

Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the channel, ideally around 189.15. This helps limit potential losses if the price unexpectedly breaks above the channel and invalidates the downtrend.

Thank you

13 mar 2024

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