Double top pattern in GBP/JPY – Are you ready to trade breakout? - Forex News by FX Leaders

Double top pattern in GBP/JPY – Are you ready to trade breakout?

Posted Thursday, October 4, 2018 by
Arslan Butt • 1 min read

On the daily timeframe, GBP/JPY has formed a double top pattern which is providing a solid resistance at 149.300. Zooming out on the chart, you can see there’s also an ascending triangle pattern which is suggesting a bullish bias of the market.

Now the thing is, despite the double top resistance, the market is likely to head north to test 149.250.

Support Resistance
147.71 148.73
147.13 149.17
146.11 150.19
Key Trading Level: 148.15

The pair can trade sideways due to the absence of fundamentals, yet 148.150 is a crucial level to watch today. I will be looking to stay bullish above it to target 149.250.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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