GBPJPY breaks the support – Analysis – 11-12-2018

The GBPJPY pair hinted its surrender to the negative attempts by crawling below the bullish channel’s support line at 142.85, noticing the beginning of suffering losses by moving towards 141.20 level and get new negative close below the broken support to form major resistance that confirms the continuation of the negativity.

Therefore, we will start suggesting the negative attempts as long as the new resistance remains intact, expecting to gather new negative momentum to target 140.90 level followed by reaching 23.6% Fibonacci correction level at 139.65.

Expected trading range for today is between 142.85 and 141.00

Expected trend for today: Bearish