GBP/JPY Weekly Price Forecast – British Pound Struggles Towards the End of the Week

The British pound has gone back and forth during the course of the week but settled on a relatively soft looking candlestick. That being said, we have a couple of obvious support and resistance levels should be paid attention to. The ¥136 level is most obviously going to be resistance, so if we can break above there it is likely that the market will probably go towards the ¥137 level. On the other hand, if the market breaks down below the ¥132 level underneath, that could open up the door to ¥130 at the very least.

GBP/JPY Video 04.05.20

While we do not have the signal quite yet, it looks as if this market is going to trying to make a decision as to where it is going next. With all that being said, the market is simply waiting to see when the next shoe drops, whether it is a good thing or a bad thing. I suspect this pair will simply move right along with it as it is so sensitive to risk appetite in general. That being said, we could get an even bigger move than the one I laid out previously, but those would be the first targets that we should be looking towards. In an extraordinarily volatile environment, it is important that you pay attention to these higher time frames, even if you are not willing to trade actual weekly candlesticks. Eventually, we may get some clarity, and when we do it will be worth translating that into trading opportunities on shorter charts.