GBP/JPY Technical Analysis: Brexit headline springboard risks a bounceback

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  • Monday's Sterling surge on Brexit hopes sees the Guppy overextended into a familiar level that was hit last week on similar market musings.
  • Plenty of hopeful talk surrounds the current Brexit issues, but little forward momentum is currently on the table, and hopes could swing back into fear easily, leaving the Pound in precariously overbought conditions.
  • The GMP/JPY remains capped under late August's swing high, with a long-term downtrend still very much intact.

GBP/JPY Chart, 15-Minute


	GBP/JPY Technical Analysis: Brexit headline springboard risks a bounceback

Spot rate:  144.79
Relative change: 0.05%
High: 144.80
Low: 144.66
   
Trend: Sideways to bullish
   
Support 1: 143.07 (previous day low)
Support 2: 142.59 (previous week low)
Support 3: 142.00 (major technical level)
   
Resistance 1: 145.03 (current week high)
Resistance 2: 145.68 (one month high)
Resistance 3: 146.00 (major technical level)

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