Elliott wave analysis of GBP/JPY for June 11, 2019


GBP is trying to recover from the 136.56 low, but is clearly experiencing difficulties in it. The political uncertainty in the UK is weighing on GBP. However, we continue to look for more GBP-strength and a breakout above minor resistance at 138.26 will pave the way for a continued movement towards 139.62 and maybe for the next more serious obstacle at 141.41.

Only a direct breakout below 136.96 will invalidate our bullish outlook.

R3: 139.65

R2: 138.80

R1: 138.26

Pivot: 137.85

S1: 137.45

S2: 136.96

S3: 136.59

Trading recommendation:

We are long GBP from 137.50 with our stop loss order placed at 136.90

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