In addition to the harmonic structure, which we explained yesterday, the GBP/JPY pair succeeded in forming a double bottom pattern, seen on the provided chart. The neckline of the mentioned pattern resides at 147.15 zones. Therefore we keep our outlook to the upside over the intraday basis. A breakout above 147.15 areas is needed to confirm our positive overview.
Trading range for the week is among key support at 141.50 and key resistance at 151.60.
The general trend is to the downside as far as 167.40 remains intact with target at116.00.
Based on the charts and explanations above our opinion is, buying the pair with a breakout above 147.15 targeting 149.30 and stop loss below 145.50 might be appropriate.
Forex Trader Library Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.