GBPJPY Channel Trade

GBPJPY H1

Pair GBPJPY is currently in a descending channel on hourly chart. 

On daily charts, pair looks little bit oversold so a bounce is expected. Before the channel's upper trendline, comes a horizontal resistance. Its a resistance turned support and might provide resistance to any bounces to that area. This area comes around 127.85/90.


I plan to add a short on horizontal resistance area and will add another short at channel's upper trendline, if price reached there. Channel upper trendline area comes around 128.25/30. Currently 200EMA also come around that area.