Elliott wave analysis of GBP/JPY for March 26, 2019

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We are looking for more upside pressure towards 148.50 on the way towards 151.50. Short-term support is seen at 145.75 which ideally will be able to protect the downside for the next push higher.

Only a direct break below key-support at 146.00 will shift the bias from up to down and call for a decline to 141.00.

R3: 147.79

R2: 147.31

R1: 146.46

Pivot: 146.00

S1: 145.30

S2: 144.80

S3: 144.60

Trading recommendation:

We are long GBP from 144.60 and we will place our stop at 146.00.

The material has been provided by InstaForex Company - www.instaforex.com