Morning Report

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The duplicated bearish harmonic pattern is still negatively pressuring the GBP/JPY pair. We just need a breakout below the lower line for the ascending channel which is currently protecting the upside movements to make sure that, the suggested bearishness, mentioned in our weekly report is true. Thus; potential downside actions might be seen over intraday basis, supported by the negative crossover appearing on Stochastic.

The trading range fortoday is among key support at 133.60 and key resistance at 139.10.

The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 146.20 areas remain intact.

Weekly Report Previous Report

Support135.50135.00134.60133.60132.90
Resistance136.20137.30138.00138.40139.10
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 136.20 targeting 133.70 and stop loss above 138.40 might be appropriate.