GBPJPY ! Prebreak formation. Will the price rise?😶‍🌫️

21 Jul 2022

GBPJPY is forming a local uptrend within the range, the price is testing the resistance of the trading range, but after a local false breakdown the price does not fall. On the chart, we see the formation of a pre-breakdown consolidation.

The currency pair has been in an uptrend for a long time, the national currency is weakening strongly against the background of economic news.

I assume that since the resistance retest is formed and a local "triangle" pattern appears under the level, it is possible that the price can break through the resistance upwards. I expect the growth of the currency pair to the medium-term objective, the liquidity zone 168.6.

Regards R. Linda!