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    GBP/JPY Technical Levels and Trading Recommendations for July 4, 2012

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    Technical outlook and chart setups:

    The GBP/CHF pair is trading around the 1.4930 levels after printing lows around 1.4923 as expected and discussed yesterday. As depicted here, the pair is still expected to push lower towards the 1.4800 levels before reversing. Please also note that the support/rising trendline is also passing through the same region along with Fibonacci 0.382 support of the rally between the 1.4475 and 1.5025 levels respectively. Hence it is recommended to hold short positions for now with risk at the 1.5050 levels. Immediate support is seen at the 1.4900 levels followed by 1.4850 and lower, while resistance is seen at the 1.5030 levels (interim) followed by 1.5100 and higher respectively.

    Trading recommendations:

    Remain short for now. Stop is at 1.5050, target is 1.4800.

    Good luck!

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