Slobodan Drvenica
Windsor Brokers
GBPJPY
The cross fell back below daily cloud on Tuesday after dovish comments from BoE's Carney. Penetration into daily cloud (spanned between 141.85 and 144.07) and probe above 142.27 (Fibo 38.2% of 148.28/138.66 downleg) was short-lived and generated initial signal of stall.
Thick daily cloud weighs on the pair, along with bearishly aligned technical studies (20/55 SMA bear cross was formed at 142.18 yesterday) and uncertainty at the beginning of Brexit talks.
Fresh bearish acceleration through 100SMA (141.23) and 10SMA/Fibo 38.2% of 138.66/142.54 upleg (141.06) further weakens near-term structure, with daily Tenkan-sen (140.71) coming under increased pressure.
Daily close below 141.06 will be seen as strong bearish signal, while firm break below Tenkan-sen would generate initial signal of an end of corrective phase from 138.66.
Res: 141.23; 141.48; 141.85; 142.27
Sup: 140.71; 140.34; 140.14; 139.58
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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