02.03.202111:33 Forex Analysis & Reviews: Daily Video Analysis: GBPJPY holding below descending trendline, potential for further downside!


Today we take a look at GBPJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is holding below the descending trendline resistance, where we can expect further downside. We could potentially see a reversal at our sell entry level, in line with our 23.6% Fibonacci retracement level, and a further drop towards our take profit level, which is in line with our horizontal swing low support.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Show more
Can't speak right now?
Ask your question in the chat.