GBP/JPY is trading weak for 6th 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 on Friday.But slight jump …
GBP/JPY is trading weak for 6th 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 on Friday.But slight jump US dollar index has dragged more than 50 pips from the high of 1.31589.UK’s weak economic data and Brexit uncertainty will prevent further upside in pound sterling. A weaker than expected UK macro data would dampen the chance of rate hike by BOE in August month. The pair hits intraday low of 145.53 and is trading around 145.76.
The pair is facing strong resistance at 146.15 (55-H MA) and any break above will take the pair till 146.55 (100- H MA)/147.50 (200- H MA).
On the lower side, near term support is around 145 and any break below will take the pair to next level till 144.35/143.
It is good to sell on rallies around 146.15-20 with SL around 146.70 for the TP 145/144.35.
