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GBP/JPY: forming clear head and shoulders pattern

   
GBP/JPY has fallen after GDP data on Monday showed a surprise rise in growth of 1.0% in Q1, which easily bet the 0.6% analyst estimate.

The pair broke below a key up-trend-line yesterday and has now formed a small but very clear head and shoulders pattern on the 1-hour chart, which will probably break through its neck-line at 190.55 and move down to a target at 190.02.

Alternatively a break higher, above the right shoulder and 191.45 would confirm the Head and Shoulders had failed and provide a continuation signal higher, with an initial target at the 191.94 highs.

GBPJPY09

   
GBP/JPY has fallen after GDP data on Monday showed a surprise rise in growth of 1.0% in Q1, which easily bet the 0.6% analyst estimate.

The pair broke below a key up-trend-line yesterday and has now formed a small but very clear head and shoulders pattern on the 1-hour chart, which will probably break through its neck-line at 190.55 and move down to a target at 190.02.

Alternatively a break higher, above the right shoulder and 191.45 would confirm the Head and Shoulders had failed and provide a continuation signal higher, with an initial target at the 191.94 highs.

GBPJPY09



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