GBPJPY attempts to gather positive momentum – Technical Analysis – 27-10-2015

The GBPJPY pair declined recently to lean on the moving average 50, attempting to gather some positive momentum that assist it to rise and attack 186.30 key resistance, which represents 38.2% Fibonacci of the short term bearish wave from 195.30 to 180.72, accompanied by the relative strength index indicators reach to the oversold areas.

Therefore, we will continue to expect rising in the coming periods, targeting 188.00 resistance that represents 50% Fibonacci level, especially after breaching 186.30 level.