The downside is wide open, Tokyo tried the downside early in Asia before London began taking profit. Pound longs are giving up already with no-deal now a done-deal. Mainstream media will shift to a heavier tone, and with another +/- 900 ticks to go I prefer to sell rallies from here.
GBPJPY buyers will attempt to come in at 128.5x, and expect more interest on the 126 handle. Both good areas to do some profit taking. Only a move above 132 will change the downside momentum.
Nice post.. With Boris successfully suspending parliament this analysis maybe spot on now.. Would you be most GBP pairs?
speedracer1234
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Good pick. GBP is one of the weakest currencies and JPY going towards becoming the strongest. I'm loading up on this short, Happy days.
Thanks for sharing