GBP/JPY: Trade ideas for July 28
The GBPJPY continues to find support at 172.63 level (61.8 Fibo level), which has managed to curb future falls in this pair at the H4 chart. The GBPJPY could make an offensive that level and begin a bullish trend in the medium term, as this pair could rise again to the resistance level of 175.34 if the rebound does occur.
The above hypothesis could be ruled out if the GBPJPY attempts a break in the 172.63 level, because this pair could fall to the support level of 171.89, where is located the 78.6 Fibo level, a weak area, taking into that could prolong the GBPJPY to fall until the support level of 179.95.
Trading recommendations: If you are swing trader, place buy orders at the current levels with take profit at the resistance level of 175.34, with stop loss at 172.00.