The expected win of newly elected French president Macron could have already been priced in the markets. The rally that GBP/JPY has made is very strong
The expected win of newly elected French president Macron could have already been priced in the markets. The rally that GBP/JPY has made is very strong so we might expect a pullback on this pair. The zone where we might see a reaction is 145.40-60 (trend line, EMA 89, D L4, ATR low) and if the pair gets in the zone we might see another spike towards 146.50 and 147.20.
In order for intra week uptrend to continue, bulls should protect the zone. But if the steam has already been lost, traders need to pay attention to 144.80, strong support. If 144.80 breaks to the downside 143.10 should be next.
GBP/JPY Chart
Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets
