Taking a step back from the intraday/intraweek stuff here and looking at a longer term position idea on the GBPJPY
. If we close out this weekly candle below the trendline
then I would be looking for this pair to continue on a bearish
move towards the potential target area on the chart between the 50% & 61.8% fib levels. Righ where we intersect with a monthly trendline
as well. Pair this with the recent bearish
divergence on the RSI
and I'm liking the short side of this pair over the coming weeks/months.