GBP/JPY on The Negative Side

The British Pound started its daily trading with a bullish slope, but it is still limited benefiting from stability above the psychological barrier of 138.00.

On the technical side, and despite the current slight bullish bias, we tend to be negative, depending on trading stability below 139.20 accompanied by the negativity of the 50-day moving average.

Therefore, we target 138.1 as an initial target, bearing in mind that confirming its breach will extend the losses of the pair, so we will be waiting for 137.50.

Trading and stabilizing the price above 139.30 will negate the bearish scenario, and the pair will recover temporarily with the aim of retesting 139.90.

Note: The level of risk is high.

S1: 138.10	R1: 139.25
S2: 137.45	R2: 139.80
S3: 136.90	R3: 140.40