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FX.co ★ GBPJPY a break below our downside confirmation could see a further drop!

GBPJPY a break below our downside confirmation could see a further drop!

GBPJPY a break below our downside confirmation could see a further drop!

Price is facing bearish pressure from our 20 EMA and Ichiomku cloud where a break below our downside confirmation level could provide a bearish acceleration to our first support target.

Trading Recommendation

Entry: 136.539

Reason for Entry:

78.6% fibonacci extension, Horizontal pullback support

Take Profit: 134.059

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Reason for Take Profit:

Horizontal overlap support, 78.6% fibonacci retracement

Stop Loss: 138.120

Reason for Stop Loss:

Horizontal pullback resistance, 23.6% fibonacci retracement

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