So the recently downtrend in GBP pairs has began a retracement, an expected behavior after a heavy move.
The question is where next for GBPJPY. Well, the JPY has become a safe haven and consequently is used when times of risk are high, which currently is at med-High as we speak. The recent economic events point to a slow down in UK's growth and therefore we can expect further downside moves in all GBP pairs.
Looking at GBPJPY, a trendline on the eight hour timeframe has formed and we have missed pivots either side. The monthly pivots tend to be magnets for a currencies so I would expect a near retracement to it before resuming southwards.
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