Ransquawk

GBP/JPY has been moving very technical for a long time. From April 2017, the price respects the edges of the growth channel. The last, very dynamic downward wave led the price for the fourth time to the area around the bottom edge of the channel. In the last two days, a moderate reaction of the demand side was noticeable. The pound has a big correction behind it, so it’s possible that the edge test will bring even stronger rebound. More or less at the same level, there was a double rebound at the end of last year. Around 147.00 is also the level at which the previous highs are located. Also this year, despite the significant violation, the price rebounded at the beginning of March. The technical layout in the coming days should, therefore, favour the bullish side.

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Ransquawk