GBPJPY Chart Technical Outlook rallies to be sold dips to be bought Although we traded to the lowest level in six days yesterday, buyers have returned. Dip buying has left a demand zone at 183.72. On the upside, we have a formidable barrier located at 185.85. This is not only a supply zone but also the projected resistance level for the completion of the AB leg in a Crab formation.
The favored setup would be to wait for the completion of the BC leg to take the cross higher toward 188.89. Patience is key.