GBP/JPY HAS COME INTO THE DEMAND AREA FOR THE JAPANESE YEN. GBP IS UNDER PRESSURE FROM BREXIT CONCERNS AND THE OVERALL WORRIES THAT A NO-DEAL BREXIT COULD PLACE THE UK INTO A RECESSION AND HURT THE ECONOMY BUT ONLY IN THE SHORT TERM. LONGER TERM THE GBP SHOULD BOUNCE BACK TO THE HIGHS LAST SEEN BEFORE THE 2016 REFERENDUM. CURRENTLY THE PRICE IS 1142.640 AND THE NEAREST SUPPORT IS AT 142.500 BUT IS ONLY A MINOR SUPPORT LEVEL. THE NEXT MAJOR SUPPORT LEVEL CAN BE FOUND AT THE 141.800 LEVEL WHERE PRICE HAS RANGED BEFORE.
Comment:
MACD SIGNAL LINES CROSSING TO THE DOWNSIDE
YEN DEMAND AREA
GBP BREXIT CONCERNS
US - CHINA TRADE WAR
YEN SAFE HAVEN
YEN DEMAND AREA
GBP BREXIT CONCERNS
US - CHINA TRADE WAR
YEN SAFE HAVEN
SL @ 143.07 (40 PIPS)
TP @ 141.670 (100 PIPS)