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.

Joshua Gibson FXStreet

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)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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