GBPJPY is trading weak for past 2- week and lost more than 750 pips from high of 146.50. GBP was trading weak against all majors especially USD and hits 4-month low 1.2600.Theresa May’s day as PM numbered and conservative party is expected to suffer huge defeat which will force UK PM to resign. GBPJPY hits intraday low of 138.88 and is currently trading around 139.04.
On the lower side, near term support is around 138.60 and any violation below will take the pair to next level till 138/137.36.
The near term resistance is around 140 and any violation above will take the pair to next level till 140.70/141.20. It should break above 141.72 for further upside.
It is good to sell on rallies around 140-140.10 with SL around 141 for TP of 138.60/137.35.
