The pound sterling has been consolidating for 6 sessions. It tried to breach 186.15 a lot of times, but failed to breach that. As of now, today the pair made a triple top at 186.15. If is not safe to recommend buying in the current situation. Safe buying will take place above 186.20. The British pound managed to give an upside breakout against the US dollar, but failed to get the same result against the JPY. The pound continues its winning streak for 6 weeks in a row. The pair has support at 184.89 and 183.99. In case if the prices are close above186.15 on a daily basis, the pair challenges 186.90, 187.45, and 188.30. On the down side, in case if the price falls below 184.89, they can correct up to 184.70, 184.50, and 184.00. The panic will be triggered below 183.90. In the hourly chart, the prices are forming a continuous symmetric triangle. At yesterday's session, we recommended risky trade, buying above 185.60 with an immediate target at 186.00 and 186.10. All the targets met, the pair made high at exactly 186.10. As for bears, we recommend selling below 184.50 with the targets at 184.30, 184.00, and 183.60. Risky traders can sell below 184.70. Risky traders can sell below 185.00. The intraweek trading pattern is framed between 184.50 and 186.10. Either side breakout will provide further room to trade.
Trade:
Buying above 186.20.
Risky selling below 185.00.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Review and intraday trading recommendations on GBP/JPY for November 27, 2014 . Thanks for your support.
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