GBP/JPY Technical Analysis: Guppy beginning to mark in a potential turnaround

  • The Sterling is stepping lower in early Friday trading following Trump comments that a hard Brexit is the only way to salvage trade deals with the US.
  • Higher timeframes have the Guppy bouncing from a double bottom near 143.75,
  • Broader markets are recovering from rising trade tensions, but risk aversion remains close to the surface.

GBP/JPY Chart, 15-Minute

Spot rate: 148.34
Relative change: -0.11%
High:  148.59
Low:  148.32
   
Trend:  Rolling over into bearish
   
Support 1:  147.76 (previous day low)
Support 2:  146.92 (38.2% Fibo retracement level)
Support 3:  146.02 (current week low)
   
Resistance 1:  148.88 (current week high)
Resistance 2:  150.00 (major technical barrier; round figure)
Resistance 3:  150.62 (May swing high)

 

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