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  4. GBP/JPY trend line broken

GBP/JPY trend line broken

July 26, 2016 13:45

The GBP/JPY aka "Dragon" dropped below the trend line and currently it is in downtrend. After hitting 135.94 lower support (L4 Cam weekly PP) it closed above L4 so we need a 4h close below it (136.80) for a further continuation down. Currently the pair is in retracement and there are 2 POC zones. POC1 (50.0, L3, historical sellers) 137.70-90 could reject the price down towards 136.80 and 135.94. If the price proceeds above 138.10 we could see POC2 rejection 138.70-85 (78.6, EMA89, trend line) towards 138.00 and 136.80.

If we don't see a retracement towards POC pay attention to 4h close below 136.80 (as stated above) for a further continuation towards 135.94 and 135.00 below it.

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