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GBP/JPY Technical Analysis: Charting another bearish lower-high amid Brexit uncertainty

  • The GBP/JPY pair's bounce from the 3.5-month low of 141.18 seems to have ended up carving another bearish lower-high pattern near 142.40.
  • That validates yesterday's bearish daily close below 142.77 (Oct. 26 low) and the downward sloping 5- and 10-day simple moving averages (SMAs), which indicate the path of least resistance is to the downside.
  • As a result, the pair risks re-testing overnight lows of 142.40.
  • The UK PM May's decision to delay the Brexit vote in the face of broad opposition is yet another blow for companies desperate for clarity. As a result, both the British Pound and risky assets will likely remain on the defensive. The latter, in particular, will likely keep the JPY better bid.

15-minute chart

Trend: Bearish

GBP/JPY

Overview:
    Today Last Price: 142.09
    Today Daily change: -18 pips
    Today Daily change %: -0.127%
    Today Daily Open: 142.27
Trends:
    Previous Daily SMA20: 144.81
    Previous Daily SMA50: 146.08
    Previous Daily SMA100: 145.44
    Previous Daily SMA200: 146.82
Levels:
    Previous Daily High: 143.72
    Previous Daily Low: 141.18
    Previous Weekly High: 145.52
    Previous Weekly Low: 142.84
    Previous Monthly High: 149.5
    Previous Monthly Low: 144.02
    Previous Daily Fibonacci 38.2%: 142.15
    Previous Daily Fibonacci 61.8%: 142.75
    Previous Daily Pivot Point S1: 141.06
    Previous Daily Pivot Point S2: 139.85
    Previous Daily Pivot Point S3: 138.52
    Previous Daily Pivot Point R1: 143.59
    Previous Daily Pivot Point R2: 144.92
    Previous Daily Pivot Point R3: 146.13

 

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