Members login
GBP/YEN Classical 13/10/2010
Written by article default Wednesday, 13 October 2010 08:16
GBP/YEN: The latest sharp rally above 130.00 has been very well capped by 135.00, which also coincided at the time with the top of the daily Ichimoku cloud. A closer look at Ichimoku studies suggests that we are still very much in downtrend, with the market potentially looking to carve out the next medium-term lower top ahead of a fresh downside extension back below 130.00. Only a sustained break back above 133.00 (current cloud top) would warrant reconsideration and open a potential shift in the structure. For now we remained sidelined until a clearer opportunity presents.
Click here to learn more about DailyFX.