For almost 1.5 months GBPJPY moves south. The losses started with an unsuccessful attempt to break resistance at 147.80 and led the price to today’s low at 139.47. Support test at 139.00 has become unavoidable at this point. The open question remains whether the indicated level will be tested today or during the coming days.
At the level of 139.00, which we have June low, one should expect the reaction of buyers. The weakest reaction that can be imagined there will be only a corrective reflection and then return to declines. However, a more likely scenario is a change from the downward trend lasting from a month and beginning of a new upward movement towards 147.80.