GBPJPY: Trend line resistance and 61.8% fib

GBPJPY has halted its 1- week of uptrend and shown a decline of 80 pips. BOE has kept its rates unchanged and mentioned that “Overall GDP growth appears bang in line with forecasts”. But Brexit uncertainty is putting pressure on GBP.Polls took place for 248 English councils,six mayors and 11 councils in North Ireland. Both Labor and Conservative party lost heavily in local elections held across UK on Thursday.Markets eye UK Services PMI data which is to be released today for further direction. It hits low of 145.08 yesterday and is currently trading around 145.18.

On the higher side, near term resistance is around 145.83 (61.8% fib) and any convincing break above will take the pair to next level till 146.50/147.

The near term major support is around 144.80 (200- H MA) and any violation below will drag the pair to next level till 144.13/143.75.Any close below 143.75 confirms further weakness.

It is good to sell on rallies around 145.45-50 with SL around 146 for the TP of 143.80.