GBP/JPY Exhibits Selling Pressure After Hitting 200.75The GBP/JPY pair is experiencing selling pressure after reaching the 200.75 level. On higher timeframes, the price action reveals a divergence, indicating potential for further downside movement. Having closed our previous positions, we now see another trigger for a possible continuation of the short trend. Our outlook is bearish, anticipating a downward push.
Technical Analysis
Resistance at 200.75: The recent top around 200.75 has proven to be a strong resistance level, triggering selling pressure.
Divergence on Higher Timeframes: The presence of divergence on higher timeframes supports the bearish outlook, suggesting weakening bullish momentum.
Trigger for Short Continuation: Current price action indicates another opportunity for a short position, aiming to capitalize on the anticipated bearish push.