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GBP/JPY Pose Double Tops
By Benny Nardino | May 14, 2008
GBP/JPY posses a double tops on intra-day trades. Currently, it is trading with penetration into to 50-day moving average on the 15-min chart.
It won’t be surprising to see further deteriotion pounds sterling if the 203.70 support is broken on the present trend.
For now we are staying out of the market because we can see a slight consolidation around the Fib 23.6% level from yesterday’s sessional low.
On the contrary, if you are going in trade cautiously and have a great day of trading.
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