Morning report


The subsidiary four-hour image; shows that the GBP/JPY pair has formed obvious negative candlesticks patterns that pushed it to come below the key support level of 147.40. These aforesaid actions support the continuation for theCD leg for the suggested harmonic [Bat] pattern -main daily chart-. Consequently, we keep our potential bearish overview on intraday basis.

Trading range for today is among key support at 141.60 and key resistance at 153.40.

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 at 147.30 targeting 144.90 and stop loss above 149.35 might be appropriate.