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GBPJPY Overview: Should Barnier make Dragon fly high?

We are receiving questions about GBPJPY and GBPUSD as we are the GBP Bulls midterm.

Too much volatility by the latest Brexit related news.

The GBP Bulls have been encouraged by Michel Barnier’s Brexit talks, saying that “it would be realistic to expect a deal in 6-8 weeks”

Looking at the GBPJPY, Dragon was pricing 160.200 when Brexit started. BoE went to rate hike twice since Brexit started. BoJ keeps the monetary policy unchanged.

On the weekly charts, RSI is testing the downtrend resistance. 148.500 is the critical resistance and the breakout of 148.500 may be the start of a new bullish trend.

On the smaller chart timeframes, pair is forming a cup with an handle pattern. Breakout of 145.700 will make the formation working.

The pullbacks and closings below 143.70 would indicate to me that the market is not convinced.

Barnier’s explanation is promising but still uncertainties for the UK and the Pound are not resolved.

Breakout of the 145.700 might carry the price 148.200 and 148.500.

148.500 critical resistance will determine the new road map. Convincing daily closings above 148.500 will be the trend reversal.

 

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

GBPJPY Overview:  Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibilit

 

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