GBP/JPY: Trade ideas for August 01
Two days ago, the GBPJPY had a strong bullish momentum above the 200 EMA (green line) and now, this pair is trying to stay above the support level of 173.45, where is located the 50.0 Fibo level at the H1 chart. GBPJPY is likely to find strong support at that level and make a rebound to the resistance level of 174.17.
However, it is recommended to wait for this pair make a breakout in the bearish trend line to place buy orders. On the other hand, if the GBPJPY manages to make a breakout in the support level of 173.27, it's expected to fall to the level of 173.03. The CCI indicator is approaching the 100 level.
Trading recommendations: Place buy orders when the GBPJPY does a breakout at the bearish trend line, with take profit at the resistance level of 174.35.