FX.co ★ Elliott wave analysis of GBP/JPY for September 18, 2019

GBP/JPY continues to add upside pressure and has made a minor new high at 135.43. That said, we still expect gravity sooner or later will drag GBP/JPY lower in red wave c of red wave ii towards 130.78 before the next larger rally towards 137.40 and above should be expected.

Short-term a break below minor support at 133.85 will be a strong indication that more downside pressure towards 130.78 is developing.

R3: 137.69

R2: 136.32

R1: 135.43

Pivot: 133.85

S1: 133.28

S2: 132.18

S3: 130.78

Trading recommendation:

We continue to look for a GBP buying opportunity near 131.15