as we can see here on the GBP/JPY
chart that the market, due to recent news, has been sharply moving downwards and braking into new lower lows. as of now, the market has broken down from this downward trending channel to move momentum back up to test the previously broken support level
, at which it tested the line, leaving 2 long wicks which also tested the 0.382 Fibonacci level. then when the market came back down it has a smaller rejection at the support line again. due to this occurrence of the market being rejected 2 times, one stronger and the other weaker. with also the present weakness in the pound to come. we will hopefully be looking at this as a nice pullback into a long term sell to lower and deeper levels.