Global markets

GBPJPY Technical Analysis Report 18 December, 2020

  • GBPJPY reversed from resistance area
  • Likely to fall to support level 138.00

GBPJPY currency pair continues to fall inside the short-term impulse wave (iii) which started earlier from the resistance area lying at the intersection of the powerful resistance level 140.30 (which has been reversing the price from the start of November) and the upper daily Bollinger Band. The resistance level 140.30 previously created a few daily Japanese candlestick reversal pattern Shooting Stat which highlights the strength of this resistance level.

Given the strength of the resistance level 14030 and the latest reversal in the sterling sentiment to the bearish mood due to the troubled Brexit negotiations  – GBPJPY is likely to extend the losses in the active impulse waves (iii) and 3 toward the next support level 138.00 (former monthly top from October).

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