In this article, we are drawing Pitchfork channels on GBPJPY.
On the weekly GBPJPY chart, we can see that the pair is still trading inside the first half of the Pitchfork channel below the broken long-term rising trend line 150 level. The next downside resistance as long as the 150 level is holding is 144 followed by 140 level.
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We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. On the daily chart, there is a new downtrend sideways Pitchfork channel that could lead to a 140-142 zone. Keeping in mind that we have a bearish inside bar candlestick formation you can go short at the market placing the stop loss above 147.500 level targeting 143 level.
Happy trading! (click on the chart to enlarge it)
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