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22.10.201906:52 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for October 22 - 2019

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Voting for Prime Minister Boris Johnson's Brexit deal was rejected for the second time. Nevertheless, soon or late the British parliament will have to vote on the proposal. A yes to the deal will likely be favorable to the GBP, while a no-vote will hurt GBP in the short-term. It is hard to predict the outcome but the loss of upside momentum indicates the likelihood of a no-vote. Additionally, correction in GBP/JPY towards 135.67 before renewed strength may push GBP/JPY higher again towards 144.98 and above in the longer-term.

R3: 142.26

R2: 141.50

R1: 141.00

Pivot: 140.56

S1: 139.46

S2: 138.60

S3: 137.84

Trading recommendation:

We are looking for a new GBP buying opportunity near 135.75

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