GBP Climbs Higher To Give Better Price For Sellers

Most recently, GBP/JPY broke all the major mid-term supports and went significantly lower. The drop had around 350 pips and was a great selling opportunity. Now, time for the reversal. The price is about to test the recent supports as the new resistances. Everything is happening in a flag pattern. A breakout of the lower line of this formation will be a sell signal.

Cable is locked inside the flag and between the horizontal resistance on the 1.34 and the horizontal support on the 1.33. Breakout of the lower one is more probable and can bring us a strong sell signal.

USD/CHF is the pair, where we also have to wait for the breakout. Here, we do have a double bottom formation along with the flag pattern. Both of them are pointing north but before the buy signal will be triggered, we need to see the price closing above the green area.

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