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Wednesday, September 9, 2009

GBP/JPY: There is the Breakout

The pair has just broken the support trendline and I'm hoping to see a test to 151 support, which is the AB projection from C. The pair almost broke the resistance earlier actually, with the QQE indicator also breaking the trendline. However the price failed to give a clear breakout and I decided not to enter.

Ok now, the outlook is bearish, but choppy movement should be anticipated while Cable still moving north. Have a nice day guys..