- GBP/JPY is correcting down after the UK election bullish spike.
- The level to beat for bears is the 145.30 support.
GBP/JPY daily chart
The cross is trading below the 2019 high (near the 149.00 handle). The market had an impressive breakout on the election day in the UK and left a big tail on top of the bar, suggesting potential exhaustion on the bullish-side.
GBP/JPY four-hour chart
GBP/JPY is forming a bull flag while trading above the main SMAs. Bulls will want to break above the 146.85 resistance level in order to resume the bull trend towards the 148.00 and 149.00 handles. However, it remains to be seen if the euphoria of the news can be sustained. Bears will probably try to drag the quote down below the 145.30 support and further down lies the 143.70 level.
Additional key levels
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