Today the GBP / JPY has reached a new low at a price of 131,609, which is the worst performance of the currency pair since November 2016. The price also managed to fall below the bottom of the January collapse, given the weak pound, the price is likely to close below the bottom since January.
Things at this stage are not stacked in favor of the pound, and there is still room for further sterling depreciation. The bleeding will stop when it actually stops and it is difficult at the moment to predict when this will happen. We do not recommend that at the moment any of the pounds crosses try to "catch the falling knife" and search for the bottom.
For GBP / JPY, the next support to be found is in the area at 130.
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