GBP/JPY daily chart, July 29, 2016

GBP/JPY Forecast July 29, 2016, Technical Analysis

The GBP/JPY pair fell slightly during the course of the session, showing a slightly negative candle. With this being the case, the market looks as if there should be plenty of support just below, especially near the 135 handle. If we can break below there, that would be very negative. In the meantime, looks as if we are simply grinding sideways and bouncing around. Ultimately though, I don’t like the British pound sell you would have to think that there will be some bearish pressure in this market given enough time on bounces.