FX.co ★ GBP/JPY technical levels and trading recommendations for August 20, 2013

Overview

As it was expected yesterday, we should wait for breaking the Resistance level 153.75 before making the decision to continue the bullish move. Today and as shown from the H4 chart, the pair failed to break this Resistance level to trade outside its bullish channel after breaking the lower boundary of it to reverse the bullish move taking a bearish move to break the Support area 152.90-152.50. Currently it is testing the Support level 152.00 trying to break it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell-signals till reaching the Support level 151.20 as a first target .

Resistance and Support levels: R3 (153.75) R2(152.90) R1(152.50), S1 (152.00) S2 (151.20) S3(150.60)