GBP/JPY Technical Analysis: Brexit bounce puts a floor under the Guppy

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  • 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


	GBP/JPY Technical Analysis: Brexit bounce puts a floor under the Guppy

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)

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