The pure harmonic studies prove that, the GBP/JPY pair is currently forming the CD leg for a duplicated harmonic formation as seen on the provided four-hour chart. The pair might move upwards over intraday basis in order to complete this construction, where it will find potential reversal zones at 161.8% Fibonacci for the BC leg which represent 61.8% for the downside rally from 143.60 to 131.99.
The trading range for the week is among key support at 132.85 and key resistance at 140.00.
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, buying the pair from 136.20 targeting 139.20 and stop loss below 134.50 might be appropriate.|