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13 Jul 2018
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) |