GBPJPY repeats the negative closings – Analysis – 15-8-2018

The GBPJPY pair continued to provide negative closings below the initial resistance at 141.80, to increase the chances of forming strong negative trades in the near term and medium term basis, while the price needs new negative momentum to manage to reach 23.6% Fibonacci correction level at 139.65, forming the next station of the bearish bias.

Note that facing strong negative pressures and attempting to crawl below 139.65 will open the way to record additional negative targets in the upcoming period, to expect moving towards 138.00 that forms additional support against the negative trades.

Expected trading range for today is between 141.85 and 139.65

Expected trend for today: Bearish