Morning Report

width=640

The pair moved sharply to the downside as seen on the provided daily chart. The negative signs of AROON and RSI 14 still exist .Thus, the GBP/JPY pair might touch the lower line of the ascending channel which dominated the harmonic AB=CD pattern.To conclude, we believe that possible bearishness could be witnessed over intraday basis. Targets reside around the pivotal support zones of 132.50.

The trading range for today is among key support at 131.60 and key resistance at 137.30.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Previous Report

Weekly Report

Support134.25133.60133.10132.50131.65
Resistance135.00135.50136.20136.80137.30
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 135.25 targeting 132.90 and stop loss above 136.90 might be appropriate.