FxWirePro: GBP/JPY trades weak on renewed geo political tension between US-North Korea, good to sell on rallies

• GBP/JPY is continuing its weakness and has declined almost 70 pips from Wednesday close of 146.14. US Trump has cancelled his meeting with North Korean Leader Kim Jong Un. This has renewed once gain political uncertainty between US- North Korea. GBP recovered more than 100 pips on short covering. Markets eye UK second GDP estimate and BOE Carney speech for further direction. USD/JPY recovered slightly from the low of 108.95 and is currently trading around 109.45. GBPJPY hits low of 145.69 and is currently trading around 146.30
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• The pair is facing strong resistance at 147.35 (38.2% fibo) and any convincing break above 147.35 will take the pair to next level till 150.64 (100- day MA)/151/152.80.The minor resistance is around 147.82.
   
• On the lower side, near term major support is around 145.60 and any convincing break below will drag the pair to next level till 145/143.

It is good to sell on rallies around 146.45-50 with SL around 147.25 for the TP of 145/143.