Morning report

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Our detected CD leg, for the captured four-hour harmonic pattern, has taken the GBP/JPY pair toour definedtechnical target at 148.60. Presently, we see that the solid resistance areas reside between 148.60 and 149.35 and are about to activate the potential reversal zones for the aforesaid pattern. Thereby, potential bearish actions are to be witnessed over intraday basis; supported by the negative overlapping, appearing on Stochastic and RSI 14.

Trading range for today is among key support at 143.80 and key resistance at 153.40.

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

Support148.00147.30146.80146.20145.50
Resistance148.60149.35150.00150.50151.25
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 148.60 targeting 146.20 and stop loss above 150.60 might be appropriate.