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GBP/JPY intraday: below its lower Bollinger band
2024-04-29
766
Our pivot point stands at 197.63.
Our preference: under pressure below 197.63.
Alternative scenario: the upside breakout of 197.63, would call for 198.17 and 198.50.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 197.99 and 196.82). Finally, the GBP/JPY has penetrated its lower Bollinger band (195.79).
Supports and resistances:
198.50 **
198.17 *
197.63 **
197.42
195.25 last
194.09
193.77 **
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