A classical bearish continuation pattern has been formed on the provided four-hour chart, indicating that the GBP/JPY pair is to resume the short term Elliott sequence under the negative pressure of the previous explained [C] wave. Therefore we keep our outlook to the downside over the intraday basis, supported by the bearish structure of the candlesticks. A break of 147.40 will accelerate the highly anticipated bearishness.
Trading range for today is among key support at 143.50 and key resistance at 153.40.
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The general trend is to the downside as far as 167.40 remains intact with target at116.00.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 147.90 targeting 145.50 and stop loss above 149.60 might be appropriate.|