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Ichimoku Analysis (Hourly chart)
Tenken-Sen- 126.53
Kijun-Sen- 126.37
GBPJPY continues to trade weak and broken significant support at 126.50 level. The pound sterling is trading worse against all majors especially USD and lost nearly 600 pips yesterday.
The secondary trend of the pair is still bearish as long as resistance 130.55 holds. The break underneath 126.50 confirms further weakness and a dip to 122.75 likely.
The immediate resistance is around 130.55, any indicative break higher targets 132/134.21.
It is good to sell on rallies around 129.85-90 with SL around 131 for the TP of 126.50.
