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 support at 136.96 will invalidate our bullish outlook and call for renewed downside pressure towards 135.73.
We are long GBP from 137.50 with our stop placed at 136.90. Upon a break above 137.96 we will raise our stop to break-even at 137.50.
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