Back
6 Sep 2018
GBP/JPY Technical Analysis: Brexit bounce puts a floor under the Guppy
- The Sterling caught a ride on rising hopes of a soft Brexit scenario, but roadblocks still remain for an EU-UK agreement.
- The rapid rise yesterday helped to bolster the Guppy back into bullish continuation territory, and buyers will be looking to keep the pair rising.
- Failure to develop a meaningful recovery will leave the pair primed for a further fall as swing highs continue to print in a descending pattern in the mid-term.
GBP/JPY Chart, 15-Minute
| Spot rate: | 143.93 |
| Relative change: | Negligible |
| High: | 143.99 |
| Low: | 143.84 |
| Trend: | Bullish recovery |
| Support 1: | 143.77 (38.2% one-week Fibo resistance-turned-support) |
| Support 2: | 143.44 (current week open) |
| Support 3: | 142.59 (current week low) |
| Resistance 1: | 144.50 (61.8% one-week Fibo level) |
| Resistance 2: | 145.00 (major technical level) |
| Resistance 3: | 145.68 (current week high) |