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Christopher Lewis

The British pound bounced a bit during the trading session on Monday, using the 50 day EMA as a springboard. The market looks very likely to continue to find buyers on dips, especially considering that it managed to be positive on a day when a lot of people would have been concerned. Keep in mind that the markets being concerned should drive this pair much lower, and the fact that we could not break through the previous bullish flag is a good sign that there is in fact going to be plenty of buyers underneath. There are a lot of potential problems out there, but quite frankly this is a very resilient pair and I think that’s what we have seen a continuation of on Monday.

GBP/JPY  Video 07.01.20

If we were to break down below the ¥139 level, the market would more than likely break down significantly from there. Until that happens, this is a market that should be thought of as one that should continue to go higher over the longer term, and quite frankly all we need is some type of good news or stability coming out of the negotiations between Great Britain and the European Union. Either way, this is a bullish market, but we also have seen a lot of struggles at these lofty levels. I think we need to build up enough momentum to finally go higher, but it may take some time. Patients will be the biggest ingredient to being successful in this pair. To the upside, we could reach the highs again at ¥148.

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