GBP/JPY Fails to Clear Monthly High
GBP/USD trades back below the 50-Day SMA (183.15) after failing to clear the monthly high (183.82), and the exchange rate may struggle to retain the advance from the monthly low (178.10) as a head-and-shoulders formation appears to be taking shape.
GBP/JPY Outlook
GBP/JPY seems to be trading within a defined range as it struggles to push above 183.90 (50% Fibonacci retracement), and the range bound price action may persist amid the flattening slope in the moving average.
However, a move below the 17940 (23.6% Fibonacci retracement) to 179.70 (61.8% Fibonacci extension) region may lead to a test of the monthly low (178.10), with the next area of interest coming in around 177.20 (23.6% Fibonacci retracement).
GBP/JPY Outlook
GBP/JPY seems to be trading within a defined range as it struggles to push above 183.90 (50% Fibonacci retracement), and the range bound price action may persist amid the flattening slope in the moving average.
However, a move below the 17940 (23.6% Fibonacci retracement) to 179.70 (61.8% Fibonacci extension) region may lead to a test of the monthly low (178.10), with the next area of interest coming in around 177.20 (23.6% Fibonacci retracement).
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