Pair seems to be starting to form a head and shoulders pattern on the weekly chart. With disappointing CPI and Average Earnings news this week, and risks in Syria which makes safe haven assets like Yen more appealing, GBPJPY is more likely to consolidate in the near future instead, if not drop all the way down to 146-148. This is despite expectations on BoE rate hike this May (which is more likely priced in by now). Setting up sell stop just a few pips below this week's support with TP @148 (base pivot on weekly chart) and SL near this week's resistance @154.
www.dailyfx.com/fore...-hold-srepstans.html
Daily:
Weekly:
Confidence: B (because of geopolitical risks involved)
www.dailyfx.com/fore...-hold-srepstans.html
Daily:
Weekly:
Confidence: B (because of geopolitical risks involved)