GBP/JPY price analysis: Pound bounce back from support 129.50 holding key resistance 133.40
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key-resistance at 133.19 but failed to break.
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Support can be seen near the 131.56 levels.
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Pound Sideways as Political scandal and Brexit Hopes.
GBP/JPY tested the key-resistance at 133.19 but failed to break above in the first attempt, but after a minor correction, a second and more successful attempt should be seen. A break above key-resistance at 133.19 will shift the currently alternate count to the preferred count and this outcome looks possible towards Major Resistance 135.10
In the short-term, support is seen at 131.97 and ideally, this support will be able to protect the downside for the next attack on key-resistance at 133.19. A break above here will call for a continuation higher to 135.38 on the way back to 140.95.
If the price comes back to support 131.50 level possible break downside more towards 125.60 medium to long term.
R3: 133.59
R2: 133.19
R1: 132.40
Pivot: 131.97
S1: 131.56
S2: 131.20
S3: 130.65
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