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HomeContributorsTechnical AnalysisGBP/JPY Attracted By A Confluence Area

GBP/JPY Attracted By A Confluence Area

MultiBank Exchange Group
By MultiBank Exchange Group

Price goes down after the false breakout above the 38.2% retracement level and should reach the 23.6% retracement level and the first warning line (WL1) of the ascending pitchfork. Could be attracted by the confluence area formed at the intersection between the WL1 with the upper median line (uml) of the descending pitchfork.

MultiBank Exchange Group
MultiBank Exchange Grouphttp://www.mexgroup.com
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.

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