Hello traders,

I just wanted to share with you my personal view on the GBPJPY currency pair.

Here’s the GBPJPY DAILY CHART.

GBPJPY DAILY CHART 18th-Feb-2020

On this chart we can see price have been carving series of high swings right from the lower low swings of August 2019 @126.578 to the highest swing high peak of December 2019 @147.947.

Price failed to carve a new swing highs and which price have been in a phase of consolidation right from the end of the year 2019 even till the time of posting this analysis.

Again we can see price have been bouncing through an intermediate bullish channel and now we can figure out clustering of price at out dynamic support trend line.

The note we have potential resistance @144.357 for the bull to clear in other to target next key level @146.772 and which a daily close would give us confirmation of bullish decision.

Meanwhile the bears are not giving up and we can see clustering of price to the support is a sigh of weakness of the bullish previous trend, Therefore a daily close below key level support @140.824 will trigger bearish interest to re-expose next support @138.082.

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