I am currently a bear on pound because of the Brexit complications. Fundamentally today there’s EU Membership Court Ruling which might stimulate pound movement to the upside or downside. Most likely to the downside as we have seen previously what the Brexit voting and any Brexit news has affected the pound.

GBPJPY Daily

Market is flat although EMA 21 is above 55. Price is also flat and it is currently at 141.134 and MS1 with lower highs which gives a bearish tendency. Price started the month on MPP with target of MS2. Price has retraced from the target of MS2. Price has been ranging as shown by the blue clock.

GBPJPY H4

Also on H4 market and price are flat as can be seen with EMA 5, 8 21, 55 and also the 200 EMA. Price is ranging between WM3 @ 142.025 and almost WPP on support at 140.804, shown by the blue block. Stochastic approaching oversold. Started on WM3 with target WM1.

GBPJPY H1

Again market is flat with EMA 21 & 55 tangled and Price is also flat, shown by MA's 5 & 8. Further confirmation of the flat trend is shown by the EMA 200. Price started day at DM2 and bounced off DPP with reversal pattern /candles. But it has been ranging for the two days as shown by the blue block. Stochastic returning to oversold. I will consider a sell only if there's a breakout from the ranging blue block due to the fundamental news from UK and this will be monitored on smaller time frames.

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