Major Support- 136.50
Major resistance- 138.45 (20-day MA)
GBPJPY is in still in consolidation mode and intraday trend is neutral. The pair is trading between 138.32 and 136.55 for past 10 trading days. It has jumped till 137.78 yesterday but no follow through buying due to political risks in UK putting pressure on GBP against all major.
The pound sterling is trading weak against all major especially against USD. It has formed a minor bottom around 1.2650 and any violation below this level confirms further weakness and a dip till 1.2550 is possible.
On the lower side, support is around 136.50 low made on Jun 4th and further downside can be seen only below this level. Any break below targets 135.80/134.58.
The downtrend from year high 148.87 (Mar 14th 2019) is still in progress as long as resistance 138.45 (20 day MA) holds. The break of 138.45 will take the pair till 139.44 (23.6% fib)/140.20 (61.8% fib).
It is good to sell on rallies around 1375.80 with SL around 138.45 for the TP of 136.55/135.80.
