Recently, the GBP/JPY pair has been trading downwards. The price tested the level of 147.70. According to the H1 time – frame, I have found the breakout of the support trendline in the background, which is a sign that sellers are in control. I also found potential creation of C wave (from ABC flat), which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 146.80 (Fibonacci expansion 100%) and at the price of 145.10 (Fibonacci expansion 161.8%).
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