GBPJPY - Time to bounce
GBPJPY (1H) - short term bullish bias
The pound sterling seems to have found buying interests around the demand zone of 142.80. The RSI dipped into the over-sold zone as a sign of over-extension from last week's sell-off. The indicator has recovered since with the price breaking above the moving averages. This is a strong suggestion that sentiment has improved and buyers are willing to support the price. The bullish MA cross then today's momentum above 143.30 are confirmations that the British pound is ready to bounce back.
Key support: 142.80
Key resistance: 144.00
The pound sterling seems to have found buying interests around the demand zone of 142.80. The RSI dipped into the over-sold zone as a sign of over-extension from last week's sell-off. The indicator has recovered since with the price breaking above the moving averages. This is a strong suggestion that sentiment has improved and buyers are willing to support the price. The bullish MA cross then today's momentum above 143.30 are confirmations that the British pound is ready to bounce back.
Key support: 142.80
Key resistance: 144.00
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