The pair has moved into a nearly 400 pips range for almost one month, having it's limits on 180.00 and the 176.00 levels. Now, the pair is very likely to go down, for the 175.40 level retesting for two important reasons:
1.The pair's bias is bearish: because the price remained under the 180.30, where is situated a major pivot
2. The pair has broken the 176.40 level, which is the lower limit of the confirmation rectangle for short entry.
GBP/JPY, 4h chart on Dukascopy JForex Demo Platform
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