Morning Report


The GBP/JPY pair succeeded in building a solid support and it is still inclining steadily affected by the bullish harmonic butterfly pattern as seen on the provided four-hour chart. The current pivotal resistance resides at 133.55 and a break of which will accelerate the possible bullish movements over intraday basis.

The trading range for today is among key support at 130.50 and key resistance at 136.20.

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

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RecommendationBased on the charts and explanations above our opinion is, buying the pair around 132.90 targeting 135.00 and stop loss below 131.30 might be appropriate.