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    GBP/JPY Technical Levels and Trading Recommendations for July 6, 2012

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    Technical outlook and chart setups:

    The GBP/CHF pair is trading around the level of 1.4850 after having reached a low at 1.4780 today. Please note that the pair could still drift lower to the levels of 1.4690/1.4700, (which is fibonacci 0.618 support of the rally between 1.4470 and 1.5050 respectively). It is recommended to book partial profit on short positions taken last week and move risk to 1.4950. Immediate support is seen at 1.4750 followed by 1.4550, 1.4450, and lower while resistance is seen at the level of 1.4950 followed by 1.5050 and higher respectively.

    Trading recommendations:

    Book partial profits on short positions taken, stop is at 1.4950, a target is 1.4700.

    Good luck!

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