13.11.201406:55 Forex Analysis & Reviews: Technical Analysis on GBP/JPY for November 13, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The Bank of England cut its inflation forecast. This news created bearish views on the pound sterling and pessimistic view of the country's economy. At the previous session, the pair erased its Tuesday gains. At Tuesday's session, the pair made a new high, but was unable to close above that. In case if the price closes above 184.33, it can challenge 185.50 and 187.50 in the near term. We can expect some correction, in case if the pair doesn't close above 184.33 by the end of this week. Today in Asia's session, the pair managed to hold previous day's low at 182.00. Below 182.00, the pair has support at 181.79. We expect a steep correction below the 181.79 levels. Before making new high, in case if the price corrected below 181.09, we can complete a broadening top.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.