GBPJPY - Bearish triangle ?
Hello everyone! 👋
On the long-term chart of the GBP/JPY pair, a bearish triangle 📉 is likely forming, which takes the place of wave (B) of a simple zigzag. If this assumption is correct, we can expect a medium-term strengthening of the yen 💴 against the British pound 💷, down to the support level of 179 and further into the 170 area. The invalidation level for this wave count is at 198.86.
At the moment, wave E of the triangle may not be complete yet. A breakdown below 189.13 will confirm the final formation of the triangle. ✅
On the long-term chart of the GBP/JPY pair, a bearish triangle 📉 is likely forming, which takes the place of wave (B) of a simple zigzag. If this assumption is correct, we can expect a medium-term strengthening of the yen 💴 against the British pound 💷, down to the support level of 179 and further into the 170 area. The invalidation level for this wave count is at 198.86.
At the moment, wave E of the triangle may not be complete yet. A breakdown below 189.13 will confirm the final formation of the triangle. ✅
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