Midday report

The GBP/JPY pair inclined, forming a bullish candlestick formation as seen on the secondary image of four-hour time frame. We still keep our outlook to the upside to resume the projected correction, supported by yesterday's positive closing along with the positive sign appearing on RSI14. The lower line of Keltner channel ptotects the pair and provides it with the support it needs.

Trading range for today is among key support at 137.60 and key resistance at 145.50.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

RecommendationOur morning expectation is still valid.