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20.05.2013 05:25 PM
GBP/JPY technical levels and trading recommendations for May 20, 2013

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Overview

From the today's H4 chart, we can notice that the pair opened this week below the lower boundary of its bullish channel which would give the pair a good opportunity to start its bearish move. Actually and as shown, the pair took a slightly downward move and currently is trading above the Support level 154.75 and below the Resistance level 156.75. More bearish signals are still expected as long as the pair is trading below the Resistance level, so we can consider our first target few pips above the Support level 154.75, then it is prefered to wait for breaking this Support level and closing 4H below to continue the bearish move.

Resistance and support levels: R2 (157.50) R1 (156.75) S1 (154.75) S2 (153.80) S3 (152.50) 

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