Cross-rate signals: GBP/JPY resumes a downtrend

The GBP/JPY cross-rate is trading for a second straight week in a downtrend, remaining under pressure of risks and flight into safer assets. Pessimism for the British increased after the publication of unexpectedly weak data on real estate in the UK. At the moment, the cross is adjusted after the decline, but the update of the minimum of two months indicates a downtrend.

A significant level of support is 147.00, the breakthrough of which will serve as a signal for the resumption of the downward trend. One can also consider the transaction for sale and from resistance 147.60-50, but with the formation of the corresponding signal. The goal is: 146.50-60 and 146.00. Fixing above 148.00 cancels the expectation of a decline.

Fig. GBP/JPY. Current price – 147.40

Hanzenko Anton