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In this video Vladimir Ribakov presents a bearish outlook for the GBP/JPY currency pair. He points to a weekly bullish engulfing candle that is actually a bearish engulfing at the top, combined with a bearish divergence, as the primary weekly signal. On the daily timeframe he notes a structural shift: the price is making lower lows, the MACD histogram has flipped from negative to positive then back to lower negative, and the RSI is forming lower highs and lower lows. He interprets the broken support level as now acting as resistance, identifying the recent high as a supply zone. Ribakov concludes that as long as this supply area holds, the pair should continue to move lower.

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