GBPJPY: ⬇️ Sell
– GBPJPY reversed from the resistance zone
– Likely to fall to support level 194.00
GBPJPY currency pair recently reversed from the resistance zone between the round resistance level 200.00 (which has been reversing the price from October) and the upper daily Bollinger Band.
The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing, which started the active wave c.
Given the predominantly bearish sterling sentiment seen today, GBPJPY can be expected to fall to the next support level 194.00 (target for the completion of the active wave 2).
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