GBP/JPY has shown a minor jump till 148.59 from the bottom of 146.95 made on Sep 8th 2017. The pair is consolidating for the past two days. It is currently trading around 148.18. Pound sterling was trading higher for the…
GBP/JPY has shown a minor jump till 148.59 from the bottom of 146.95 made on Sep 8th 2017. The pair is consolidating for the past two days. It is currently trading around 148.18.
Pound sterling was trading higher for the past two days on account of better than expected UK manufacturing and Industrial production data.
The intraday trend is still weak as long as resistance 149.10 (support turned into resistance) holds.
On the lower side, major support is around 147.70 and any violation below will drag the pair to next level till 146.95 (Sep 8th 2017 low)/145.63 (61.8% fibo).
The near term resistance of the pair is around 149.10 and any break above will take the pair to next level till 150.25/151.30.
It is good to sell on rallies around 148.45-50 with SL around 149.10 for the TP of 147/145.70.
