Technical Analysis – GBPJPY guided by bullish channel; negative risks not faded yet
Posted on October 7, 2020 at 12:11 pm GMTGBPJPY landed nicely at the 50-period simple moving average (SMA) in the four-hour chart on Tuesday following the rejection near the 200-period SMA. The downside move did not break the solid ascending channel, neither it violated the upward pattern started from September’s bottoms, keeping the very short-term outlook positive. That said, the bears have not abandoned the game yet according to the RSI, which is struggling to gain momentum above its 50 neutral level. The weakness in the MACD is [..]