Boris Johnson won the first vote by a huge margin and is looking to be the next conservative leader in the UK, but nothing is set in stone yet and that uncertainty continues to hunt GBP. As long as short-term important support at 136.96 remain unbroken, we will continue to slightly favor a rally...
While EUR/JPY holds bullish tone, GBP/JPY remains under downside pressure. The question remains, whether GBP/JPY needs to make a new low closer to 134.52 to complete wave 2 or wave 2 completed with the test of 136.56. When the new Tory leader is elected, GBP may gain momentum moving higher towards...
GBP/JPY remained flat the last couple of trading days. The political uncertainty in the UK weighs on GBP. Thus, we're waiting for signals for GBP and are looking for a break above minor resistance at 137.79 that should open for rally to 139.64 on the way higher to 141.40. Only a direct break below...
GBP is trying to recover from the 136.56 low, but is clearly experiencing difficulties in it. The political uncertainty in the UK is weighing on GBP. However, we continue to look for more GBP-strength and a breakout above minor resistance at 138.26 will pave the way for a continued movement towards...
To day the Conservative party in the UK will appoint a new Prime Minister. It's clear that the political uncertainty in the UK continues to weigh on GBP, but it remain firm in our belive, that GBP saw a low with the test of 136.59 and more upside pressure towards 141.74 and ultimately a break above...
The correction from 137.79 has been completed just below our anticipated target at 137.05 (the low was seen at 136.96). GBP/JPY is testing short-term important resistance at 137.79 again. A breakout above here will confirm that the wave 2 has culminated with the test of 136.53 and the wave 3 is...
The recovery from 136.53 does look promising indicating more upside pressure once the ongoing correction is complete. This correction could move a bit closer to 137.05 before renewed upside pressure should be expected for a re-test of minor resistance at 137.79 and a break above here, will confirm...
The GBP/JPY pair has recovered from 136.63. Now it is testing important resistance at 137.48. If this resistance is broken too, then we see wave 2 as complete and wave 3 developing for an ultimate break above the March peak at 148.87. Support is seen near 136.97 which ideally will protect the...
We are still awaiting a final dip closer to the 135.94 target where wave 2 will have corrected 70.7% of wave 1. The decline from 148.87 is followed by positive divergence indicating that a bottom soon may be in place. From near 135.94 or upon a direct break above minor resistance at 137.48 we...
GBP/JPY keeps pushing lower towards the 70.7% corrective target seen at 135.94. We are looking for a low at this corrective target and the completion of the corrective decline in the wave 2 for a new impulsive rally in the wave 3 above 148.87.The first solid evidence that wave 2 has completed is...
