Morning Report

The pair is facing the bearish trend line of the daily time scale, while at the same time the GBP/JPY is forming a bearish harmonic AB=CD pattern on the four-hour chart with a completion areas around 144.15 -127% Fibonacci of AB leg. Hence, we see that the downtrend line will be capableof forcing the pair to move downwards on intraday basis. RSI 14 also approaches value of 70, supporting our overview.

The trading range for today is among key support at 137.90 and key resistance at 147.00.

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

Support143.25142.35141.60141.00140.00
Resistance144.15144.80145.40146.20147.00
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 144.20 targeting 141.90 and stop loss above 146.00 might be appropriate