Respecting the suggested continuation pattern-discussed in yesterday's midday report-, the GBP/JPY pair soared as seen on the provided chart. The pair still respects the suggested Elliott count of the short term basis as it is dominated inside the inclining channel, which organizes C wave. Thereby, possible bullishness could be seen over intraday basis.
The trading range for today is among key support at 132.50 and key resistance at 139.25.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support135.00134.45133.60133.15132.50Resistance136.20136.80137.30138.60139.25RecommendationBased on the charts and explanations above our opinion is, buying the pair around 135.00 targeting 137.30 and stop loss below 133.15 might be appropriate.