Following worse than expected GDP data, the popular “Dragon” – GBP/JPY has broken both he lower trend line and progressive channel. A subsequent pullback within the POC zone (D H3, Upper trend line, ATR pivot, EMA89) 151.15-30 could reject the price towards 150.50 zone again. However if we don’t see any pullback a sustained break or 4h close below D L4 150.38 should target 149.87 and 149.60. The final ATR projection is 149.36 but that might happen only on strong profit taking. For bears to dominate the price should stay below 150.60.
