Just wanted to do a quick update on the GBP/JPY.
We mentioned how Fibonacci retracement levels are important and look just where the currency is straddling – the 38.2% Fibo level.
Depending on how the European session opens up (in about 3 hours), we may see a potential retracement back up to the 23% line, however, the underlying trend appears to be down and there is more potential downward pressure so look for a potential move to the 50% or even the 61.8% retracement level.
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