Morning Report


After touching the initial resistance level of 147.30-previous support-, the GBP/JPY pair declined violently forming a long black candlestick pattern on the four-hour interval. Thus; we keep our overview to the downside over intraday basis, depending on the breakout below the lower line of the captured diagonal,which controls the movements of theCDleg for the bearish harmonic Gartley.

Trading range fortoday is among key support at 141.50 and key resistance at 149.35.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 145.35 targeting 142.90 and stop loss above 147.40 might be appropriate.