GBPJPY bulls may be getting ahead of themselves. Apart from today’s session which is still in progress, the pound cross has had eleven consecutive winning days.
That’s quite the feat for a pair that couldn’t make up its mind just one month ago.
However, the good times may be coming to an end for buyers, at least momentarily.
Yesterday’s session slammed into the 147.50 resistance level which dates back to early 2013 and was also a factor in December of last year.
The 147.50 area is nothing new for readers of this site. We discussed it on December 1, 2016, shortly after the pair had begun carving out a broadening wedge pattern.
In that commentary, the 147.00 area stood out as a zone that could trigger a reversal.
Source: Daily Price Action
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