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GBPJPY hovers near 2 ½-month lows; risk tilted to the downside
GBPJPY has been indecisive since its plunge to a 2 ½-month low of 147.95 on Wednesday, moving sideways between 149-150. The market, however, lacks positive sentiment as technical indicators suggest that a move to the downside is a more likely outcome in the near future. The Relative strength index (RSI) seems to be gathering negative momentum as it has started to increase its rate of drop below the neutral zone of 50, while Stochastics are moving lower to meet oversold levels below 20. Moreover, the pair itself sends negative signals as market actions are currently taking place below the 20-period simple moving ... (full story)