empty
 
 
14.08.2019 07:02 AM
Elliott wave analysis of GBP/JPY for August 14 - 2019

This image is no longer relevant

We have seen a rally of the 126.75 low. However, we still need a clear break above minor resistance at 129.31 and more importantly, a break above resistance at 130.06. At present, the pair is building a bottom.

So, for now, we should expect minor support at 127.70 that can protect the downside for another test of minor resistance at 129.31 and a break above should open the upside for a firm test of resistance at 130.06.

Only an unexpected break back below support at 126.78 will spoil bullish count once again.

R3: 130.06

R2: 129.64

R1: 129.31

Pivot: 128.75

S1: 128.00

S2: 127.70

S3: 127.33

Trading recommendation:

We bought GBP at 127.80 and we have placed our stop at 126.70

Summary
Urgency
Analytic
Torben Melsted
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback