The Pound has been a sharp downtrend since April 8 last, which took her
from a quote of 140.00 yen to the value of 123.28 on 10 October
(representing a depreciation of 12% in four months).
In the absence of
both currencies important for next week, I expect the GBP / JPY quoted
125.45 between the value of (strong support level, thick yellow line)
and the value of 127 (corresponding to 23.6 of Fibonaci kicks).
Moreover, this pair has been respecting a trendline that is indicated
by the blue line, so only if it clearly exceed this trendline combined
with the 23.6% level we see a recovery Fibonaci the British Pound
Japanese Yen against the return to levels above the 130.
Their next
area of resistance are 130.60 and 129.60 (38.2 and 50% Fibonaci).
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