Ransquawk

Yesterday’s session brought a significant weakening of the British currency. The reason was the resignation of Boris Johnson from the function of the secretary of foreign affairs. This is the third resignation of this position recently. The reason is the matters related to negotiations on Brexit. Resignation weakens primarily the government of Great Britain. On the daily chart of the GBP/JPY pair, we have a clear layout of ever-lower highs. Although the weekly chart would show some chances of reflection, the daily layout confirms the downward trend. Yesterday’s supply reaction causes the Monday maximum is a potential, next lower high. If this is the case, then the course should be directed again towards the line joining the lows from the last 9 months.

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Ransquawk