Downside Pressure

02/17/2015 9:00 am EST

Focus: CURRENCIES

Forex technical strategist Mohammed Isah,of FXTechStrategy.com, charts this currency pair that is now facing downside pressure, to see if the cross remains biased in the short-term, given last week’s and Monday’s price action.

GBP/JPY: Faces Downside Pressure.

GBP/JPY: The cross strengthened further the past week and followed through lower on Monday. On the downside, support comes in at the 181.00 level where a violation will aim at the 180.00 level. A break below here will target the 179.00 level followed by the 178.00 level. Further down, support lies at the 177.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 183.00 level followed by the 184.00 level where a break will aim at the 185.00 level. A cut through here will aim at the 186.00 level. All in all, the cross remains biased to the downside in the short-term.

chart
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By Mohammed Isah, Forex Technical Strategist and Head of Research, FXTechStrategy.com

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