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A potential reversal for GBPJPY

Monday, December 3, 2018 1:30 PM GMT

According to our GBPJPY analysis at 27th November, the pair is still respecting the trendline (T1), as well as the trendline (T2). Additionally, Stochastics is testing the oversold zone, while RSI is following the trendline (T3). Moreover, RSI is within 40 to 50 zone, which is considered to act supportively during an uptrend.


Overall, the setup still indicates a potential reversal of the pair offering probably a buying opportunity. On the other hand, if price violates the trendline (T1) to the downside, then the Bears may push the pair lower.

Early in the morning major news such as UK Markit Manufacturing PMI (Nov) (Previous: 51.1, Actual: 53.1) was released exceeding the market expectations of 51.8. Traders should keep a sharp eye on the news tomorrow, because of BOE’S Governor Carney speaks and UK PMI Construction (Previous: 53.2, Forecast: 52.5) is going to be released.

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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