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GBPJPY is consolidating after hitting high of 138.25.The pair declined till 137.48 and is currently trading around 138.14. UK economy has declined by 0.4% biggest monthly drop sine Mar 2016 and UK manufacturing output fell most in 17 years.
On the lower side, near term support is around 137.48 and any violation below will drag the pair to next level till 137/136.50.
The near term resistance is around 138.25 high made yesterday and indicative break above will take the pair till 138.75/139.
It is good to buy on dips around 138 with SL around 137.48 for the TP of 139.
