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GBP/JPY intraday: as long as 207.59 is support look for 208.97

2024-07-11
1071

Our pivot point stands at 207.59.

Our preference: as long as 207.59 is support look for 208.97.

Alternative scenario: below 207.59, expect 207.11 and 206.82.

Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 207.89 and 207.62).

Supports and resistances:

209.55 **

209.26 *

208.97 **

208.68

208.07 last

207.78

207.59 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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