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10.06.201910:39 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for June 10, 2019

Long-term review

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To day the Conservative party in the UK will appoint a new Prime Minister. It's clear that the political uncertainty in the UK continues to weigh on GBP, but it remain firm in our belive, that GBP saw a low with the test of 136.59 and more upside pressure towards 141.74 and ultimately a break above 148.87 should be expected.

That said we also want to stress that the political uncertainty should could push GBP a lot lower, so keep your stop as close as possible to protect for this unknown factor.

R3: 140.60

R2: 139.64

R1: 138.30

Pivot: 137.82

S1: 137.57

S2: 136.97

S3: 136.59

Trading recommendation:

WE are long GBP from 137.50 and we will move our stop higher to 136.90.

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