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Christopher Lewis
GBP/JPY daily chart, December 21, 2018

The British pound initially tried to rally but turned around and broke down towards the ¥141 level. Ultimately, I think that the market is probably going to go down to the ¥140 level, an area that should be psychologically supportive, and structurally as well. I think at this point, it’s likely that the rallies will continue to be sold, because we have a lot of concerns globally and of course the US/China trade concerns. Ultimately, this is a market that continues to see a lot of volatility, and I think that although the British pound has seen a bit of strength against the US dollar, that is a specific case, and not the overall attitude of this currency.

GBP/JPY  Video 21.12.18

It’s likely that this market will eventually break down and make a serious move towards the ¥140 level. Once we break down below there, then it could open the door to the ¥138 level and that of course would be a very negative sign. I think you should watch the GBP/USD pair, because if it rolls over, then it shows just how weak the British pound is going to be. We still have a lot of concerns with the Brexit weighing upon it so I think that the bounce that we have seen over there will start to slow down, and if it does that will put even more bearish pressure over here. We have wiped out a very significant bullish daily candle, and it looks like more of the same is coming.

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