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Trading signals for #GBPJPY → The future depends on the resistance retest

2023-10-23 08:50 FOREX forecast

💡Ideas For GBPJPY 🇬🇧/🇯🇵

📈 GBPJPY → The future depends on the resistance retest

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#GBPJPY is forming flat within the descending price channel. Since the pound sterling is forming a set-up, within which it can strengthen, the currency pair can also show local growth.

On the chart I have marked the descending price channel and the actual resistance areas on the background of the trend. At the moment, I would expect the price to fall further from the resistance area after retesting the upper boundary of the channel, but there is a possibility that the price may break this area and head towards the next resistance, because if the panic zone: 183 is broken, sellers' stops and activated pending orders may trigger a bullish impulse, within which the currency pair may quickly reach 183.75 and 185.3.

The global trend is bullish, while the local trend is bearish, the correction may end soon, but it is not certain. Watch the price reaction.

Support levels: 182.077, 181.17

Resistance levels: trend line, 183.1, 183.75

I assume that the retest of the resistance area, which may happen in the near future, will determine the price formation of the pair

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#GBPJPY 🇬🇧/🇯🇵

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