FX.co ★ GBP/JPY Bullish Above 130,70 June 14, 2011 (Daily Strategy)

GBP/JPY

The British Pound Sterling - Japanese Yen, that generally moves in positive correlation with the markets, shows great potential for an upside wave that should push the pair upwards and to the resistance level 134.40. Is important to note that the pair is above the weekly pivot around 130.78 level. From here, things should be much easier for the pair to start its upward movement that, potentially, could end around the high resistance levels of 140.50. However, to begin with, we should concentrate on the important and closer resistance level at 134.40