Yahoo Finance GBP/JPY Price Forecast – British pound fills the gap
The British pound rallied significantly during the trading session on Tuesday, filling the gap and then some. However, it looks as if we are starting the struggle a little bit as the Americans, board, and that could be the signs of exhaustion from the gap. This pair of course is highly sensitive to risk appetite, and of course the huge cluster of trading just above that extends to the ¥150 level could cause some serious trouble as well. If we can break above the ¥150 level, that changes everything but until then I anticipate that there will probably be sellers jumping into this market plays.
GBP/JPY Video 14.11.18
Looking at this pair, if we were to break above the ¥150 level, then I think it opens the door to the ¥152.50 level, and then possibly the ¥155 level. I anticipate though that it will take several attempts break through there, and of course a lot of good news. This pair is going to continue to suffer at the hands of the Sino-American trade relations, which of course having gotten any better. Until that happens, and of course we get some type of clarity with the Brexit, it seems very unlikely that this market can sustainably hold gains for the longer-term move. I’m fading the first signs of exhaustion that we get on short-term charts, but with a small position as this market tends to be very volatile under the best of conditions, and particularly so right now.
This article was originally posted on FX Empire
