Blake Morrow’s Chart of The Day – Forecast GBPJPY
Forecast GBPJPY
Please excuse the temporary hiatus in the “Chart of the Day.” We had been working for months on the Traders Summit event a couple weeks ago that took up a majority of my time. Expect more consistent content moving forward!
Today I wanted to bring to your attention the GBPJPY, or A.K.A. as the “Guppy.” The GBPJPY has exploded higher in recent weeks and based on the bullish pennant formation, looks like the rally can continue. However, the 161% extension of the most recent consolidation is coming into view at 168.15. An eagle eye trader in our community also pointed out the long term 61.8% Fibonacci retracement also coming into view at 168.71. This “confluence” of levels may offer near term resistance with the RSI reaching very overbought. Expect dips back to the 164.70 level to find buyers (like me).
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