GBPJPY plunges along with stocks

The GBPJPY cross was down sharply on Tuesday and at the last check, it was seen 1.2% weaker, trading at around 138.10.

Sentiment suddenly worsened during the EU session and stocks plunged, along with riskier currencies and the USD along with the yen were bid. 

The cross is now testing a stronger support zone of previous lows near 138.00 and if this level doesn't hold, stop-losses of long position could be hit, which might lead to further declines. 

Another support can be found 150 pips lower at previous highs near 136.50.

If the US session continues to be bearish, the drop might continue even despite a 1.2% loss already.

However, if sentiment improves and the dip will be bought, the first intraday resistance might be near 138.60. If broken to the upside, the 139.00 level will be in play. 
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