Yahoo Finance GBP/JPY Price Forecast – British pound runs into brick wall
The British pound has tried to rally during the day on Friday early, but the revelation that perhaps Labour is possibly going to vote against the Brexit deal of course has a lot of concern about the British pound showing up into the marketplace. With that, it makes sense that we would pull back, and of course it also makes sense that we will be paying attention to geopolitical factors and the trade war as well. Because of that, it’s not a huge surprise to see that there would be a little bit of negativity creep into the marketplace. However, I don’t necessarily think that a meltdown is coming I just think that a pullback is likely. When I look at this chart, I would anticipate that the ¥145.50 level will probably be the beginning of support, and possibly a move below there could occur, perhaps driving the market down to ¥145.
Needless to say, the British pound has been rallying every time there is even the faintest hint of good news, and I think that might continue to be the case here. If somebody from the Labour Party comes out and denies the report, that will probably send this market right back around. Beyond that, Friday trading always tends to be a bit tricky because there will be the natural desire for people to lock in profits ahead of the weekend and take risk off the table as headlines can come out at any time to move this pair.
GBP/JPY Video 17.09.18
This article was originally posted on FX Empire
