Morning report


The daily closing that occurred on Friday -secondary image- supports our captured short term Elliott sequence while the GBP/JPY pair is forming the [A] wave as seen on our provided four-hour chart. The technical target of the aforesaid wave resides around 146.40. Hence we keep our overview to the downside on the intraday basis. A slight correction may occur before resuming the downside rally. Momentum and trend indicators support our overview.

Trading range for today is among key support at 143.90 and key resistance at 155.80.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 150.00 targeting 147.40 and stop loss above 152.00 might be appropriate.