GBP/JPY Price Forecast – British pound noisy again on Tuesday

The British pound has gone back and forth during the trading session on Tuesday, as we continue to see a lot of noise when it comes to all things related to Sterling, and of course the Brexit. At this point, I still believe in the ¥144 level, as it is an area that has held up quite nicely as of late. There is still a lot of uncertainty when it comes to Brexit, so the fact that it has held gives me a certain amount of solace when it comes to trading the British pound.

GBP/JPY  Video 10.04.19

We have been very noisy as the headlines continue to confuse algorithmic traders, and that of course causes all of that back and forth trading from high-frequency machines. Overall, I do like the upside though based upon the bullish flag that I have marked on the chart, which is still very much intact and of course will continue to attract a lot of interest. With that, I like the idea of buying dips as they offer plenty of value going forward and based upon the flack we should be going to the ¥155 level. Obviously, we need some good news involving the Brexit before that truly happens, and I see a massive barrier in the form of the ¥150 level. With all of that, I think we will continue to see a lot of noisy back-and-forth trading, but I still believe in the upward story.

Please let us know what you think in the comments below