GBP/JPY: Deeper Pull Back Is Not Excluded
Trading is neutral, as the cross is limited in consolidation from 149.70. Further growth is expected while resistance turned support 145.67 keeps. Pivot points are at: (S1) 147.33; (P) 148.42; (R1) 149.35.
Overcoming of 145.67 will indicate completion of the recoil from 139.88. Hitting of 149.70 will aline resistance zone 153.84/156.69. Deeper pull back is not excluded.
It is forecast, that a medium term growth from 122.36 would extend through high 156.96. The cross has successfully defended 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). This forecast will stay preferred while a near term support 145.67 keeps.