Midday Report

Under the negative pressuresfrom the bearish harmonic AB=CD, the GBP/JPY pair declined, respecting our overview. We still see that additional bearish movements are highly anticipated for the rest of the day, particularly if it succeeded in breaching the key support level of 147.10 which at the same time represents the neckline for a reversal classical pattern. OsMA, RSI 14 and AROON still support our scenario.

The trading range for today is among key support at 142.25 and key resistance at 155.80.

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

RecommendationOur morning expectations remain valid