GBP/JPY is trading weak for fifth consecutive days and has lost more than 350 points in previous week. GBP recovered sharply from low of 1.2955 of almost 180 pips on broad based US dollar selling after Trump’s criticism …
GBP/JPY is trading weak for fifth consecutive days and has lost more than 350 points in previous week. GBP recovered sharply from low of 1.2955 of almost 180 pips on broad based US dollar selling after Trump’s criticism on fed rate hike and to impose fresh round of trade tariff of $505 billion in Chinese goods imported to the US.Pound sterling was trading weak after weaker than expected UK macro data would dampen the chance of rate hike by BOE in August month. The pair hits intraday low of 145.70 and is trading around 145.80.
The pair is facing strong resistance at 146.65 (20-day MA) and any break above will take the pair till 147.20 (55-day EMA)/148.20 (100- day MA).
On the lower side, near term support is around 146 and any break below will take the pair to next level till 146/145.
It is good to sell on rallies around 146.65-70 with SL around 147.30 for the TP 145/144.35.
