- Strong support level around 126.661, tested in early August and early September 2019. - Support level broken mid-March 2020 but quickly retraced, finding resistance at 135.268 level. - This resistance level also held around late September 2019. - In between this price range, the 130.581 price level is also of interest, having acted as both a resistance and support in mid-August and early October respectively. - Price recently moving in a descending channel beginning around the 1st May. - May be likely that GBP/JPY is seeking to restest the longstanding support around the 126.661 level. - Considering the previous effect of the 130.581 level, it might be worth holding out to see how the price reacts to this level in the coming days. - If we see a large rebound and breakout of the downtrend channel, the idea is void. - A break of this level and possible retest could be a sure sign that GBP/JPY will reach for the the previous support around 126.661.
This is my first published analysis so feel free to critique and share your own ideas and opinions - I would love to hear them!