Elliott wave analysis of GBP/JPY for Oct 21, 2019

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Primer Minister Boris Johnson negotiated a Brexit deal last week but there was no voting for or against it on Saturday. Maybe we will see a vote today in the UK parliament. Nevertheless, it seems that its outcome is unlikely to affect the pound sterling. So, the British currency may be quite volatile soon. The pound sterling could be hit short-term for a dip in GBP/JPY towards strong short-term support at 135.67 before the next impulsive rally towards 144.98 as the next minor upside target.

R3: 142.26

R2: 141.50

R1: 140.08

Pivot: 139.69

S1: 138.64

S2: 137.84

S3: 137.21

Trading recommendation:

We are looking for a GBP-buying opportunity near 135.75

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of GBP/JPY for October 21 – 2019

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