HomeContributorsTechnical AnalysisGBP/JPY Downside Paused

GBP/JPY Downside Paused

GBP/USD downside momentum was stopped right above a crucial support level. Has turned to the upside and is very close to reach and retest the median line (ml) of the minor descending pitchfork. Will drop further if the resistance will hold and will reject the price.

A major drop will come if will take out the dynamic support from the red uptrend line, while another leg higher will appear after the breakout above the median line and after a retest of the uptrend line.

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MultiBank Exchange Grouphttp://www.mexgroup.com
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.

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