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GBP/JPY Price Forecast – British pound continues to trade at low levels against yen

The British pound that did very little during the trading session on Monday to open up the week, as we continue to hover around the ¥146 level. This is an area that of course is a bit low, but most importantly we have broken through a recent uptrend line.
Christopher Lewis
GBP/JPY daily chart, July 24, 2018

The British pound has hung around the ¥146 level to start out the week, as we continue to see a lot of negativity overall. Currently, it looks as if we are trying to bounce slightly, but I see enough resistance above to suggest that we won’t be able to do so. In fact, if we get some type of negativity out there as far as risk appetite is concerned, this pair will probably continue to fall. The ¥145 level seems to be the overall larger target that the market will be paying attention to, and the recent break down through the uptrend line was the first signal that perhaps it was the next major target.

At this point, it’s not until we break above ¥147 that I would be convinced of a turnaround. Granted, we have fallen for quite some time, and certainly could see some type of bounce, or at least some type of stabilization, so in the short term it wouldn’t surprise me that this market could bounce slightly. However, over the longer-term I do think that we fall because we are starting to see even more problems with the Brexit, and of course support for Teresa Bay. Traders hate uncertainty, and that is certainly something that Great Britain has in abundance: uncertainty. As long as that’s the case, I think that this pair will continue to see rally sold over the next several days.

GBP/JPY  Video 24.07.18

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