- GBP/JPY has shown a minor recovery after hitting low of 146.94. The pair formed a minor top around 152.86 on Sep 25th 2017 and any further bullish continuation can be seen only above that level.
- GBP was trading weak against all major pairs on political turmoil. The pair reached almost near 1.3000 form 1.3400 in previous week as Theresa May leadership is on doubt.
- The pair’s intraday trend is still weak as long as 148.50 holds. Any break above 148.50 will take the pair to next level till 149.73 (10- day MA)/150.82 (61.8% fibo). Overall bullish continuation only above 152.85.
- On the lower side, any convincing close below 147 will drag the pair to next level till 146.29 (55- day EMA)/145.63 (61.8% retracement of 139.30 and 152.85).
It is good to sell on rallies around 148 with SL around 148.51 for the TP of 147/146.30.
