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Christopher Lewis
GBP/JPY daily chart, October 02, 2018

The British pound drifted lower to kick off the day on Friday, reaching towards the ¥147.75 level, an area that had been support just the day before. It looks as if the market is ready to continue to grind around, but there is the previous major downtrend line that we broke above below near the ¥147 level that I think should be massive support. Ultimately, this is a region that I would anticipate a lot of buying pressure. After all, the market continues to see resiliency in the British pound, as people are quick to pick up the British pound after a quick pull back. Ultimately that is going to be my playbook as well, as I believe it is only a matter of time before value hunters come back again based upon the historically cheap pricing of the British pound.

It seems as if every time there is some type of negative headline, the British pound will fall drastically but is turned around time and time again. I think that continues to be the move forward, as we see plenty of headlines out there that will throw the British pound around. However, I think that people are starting to warm up to the idea that the United Kingdom won’t fall apart when it leaves the European Union, and that perhaps the European Union has its own issues. That gives a bit of psychological support to the British pound as well. I continue to buy the dips.

GBP/JPY  Video 01.10.18

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