GBP crosses/JPY crosses/Technical Analysis/Trade Ideas

GBP/JPY technicals: Looks more like a wedge than a top

The 2-hour chart seems to be forming a wedge (see members) between 141.25 and 144.00. This is normally a continuation pattern rather than a topping pattern. Many in the market have turned bearish on this pair but the technical outlook is not confirming this at the moment.

  1. Since the last week, i monitor closely this pair. I have shorted at 142.80 the last wednesday but I got out because I didn’t feel confortable with the cable and USD/JPY. For this week, I would like to short again at the top.

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