Midday Report

Despite the upside moves that occurred during the previous session, but we see that the GBP/JPY pair is gathering the momentum it needs to activate the bigger negative scenario. The pair couldn’t maintain levels above the pivotal resistance areas between 150.80 and 151.25. Additionally, the hourly time scale shows that it has formed a bearish harmonic structure with a potential reversal point at 150.65 while RSI 14-valued at 75.00- shows a heavy negative divergence, supporting our bearish overview.

The trading range for today is among key support at 143.40 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