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5 Dec 2016
GBP/JPY MACD indicates downside pressure
The failure of MACD to test recent highs indicates that GBP/JPY could be facing downside pressure soon.
Over the past two weeks, it has become evident that a bearish divergence between GBP/JPY spot and the MACD has developed, which typically implies weakness ahead. Additionally on a 4-hour chart, we can see that the MACD line pushed below its signal line, a further bearish forewarning.
Over the past two weeks, it has become evident that a bearish divergence between GBP/JPY spot and the MACD has developed, which typically implies weakness ahead. Additionally on a 4-hour chart, we can see that the MACD line pushed below its signal line, a further bearish forewarning.