GBP/JPY: British Pound supported at 144.475, but struggles at 145.350 resistance.

Denis Joeli Fatiaki Independent Analyst

GBP/JPY: British Pound supported at 144.475, but struggles at 145.350 resistance.

What is going on now with GBP/JPY?

GBP/JPY: The British Pound suffered a significant blow in yesterdays session due to Brexit saga and weak retail sales data results. The pair fell free fall from 147.890 to 144.475 taking out my short sell positions highlighted in yesterdays update at 147.035, 146.620, and 145.850. The pair bounced at 144.475 support during the European session and returned to 145.350 in this morning's trades.

Our forecast

GBP/JPY: The British Pound currently trades at 144.997 after a failed attempt at 145.350 in this mornings session. The pair could continue down to 144.475 if it fails to return to 145.350. The Pound needs to breakout and holds above 145.350 to continue to the upside. A drop in prices below 144.475 could push the pound further down to 144.150 and 143.530 support

Support/ Short-144.475, 144.150, and 143.530

Resistance/ Long - 145.350, 145.850, and 146.220

The trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/leoprimefx

Chart 1: The short-term view of the GBP/JPY price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the GBP/JPY price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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