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  • The Sterling is bouncing against the safe-haven Yen this week as market fears over Turkey contagion continue to subside.
  • Trade war angst and Brexit concerns continue to hang close at hand, and risk-on momentum remains limited.
  • A 12-month low has been etched into the Guppy, and buyers are limited as technical indicators middle within a lackluster bullish correction.

GBP/JPY Chart, 15-Minute

Spot rate:   141.46
Relative change: 0.16%
High: 141.49
Low: 141.22
   
Trend: Bearish
   
Support 1: 141.00 (previous day low)
Support 2: 140.23 (current week low)
Support 3: 140.00 (major technical barrier)
   
Resistance 1: 142.45 (current week high)
Resistance 2:   144.50 (518.% Fibo retracement level)
Resistance 3: 147.13 (two-week high)