FxWirePro: GBP/JPY declines sightly on UK political uncertainty, good to buy on dips
GBP/JPY has shown a good recovery of 150 pips previous week. The rise of more than 150 pips from the low of 145.18 was mainly due to better than expected UK PMI data. Sterling rose against all majors this week after ha-t…
GBP/JPY has shown a good recovery of 150 pips previous week. The rise of more than 150 pips from the low of 145.18 was mainly due to better than expected UK PMI data. Sterling rose against all majors this week after ha-trick PMI. But slight political uncertainty in UK has dragged the pair down from high of 147.07.David Davis has stepped down as Brexit secretary is a big blow to PM May. Cable declined slightly from the high of 1.33180 and is currently trading around 1.33015.
The pair is facing strong resistance at 147.15 (55- day EMA) and any break above will take the pair till 148.11/150.
On the lower side, near term support is around 146.05 (20- day MA) and any break below will take the pair to next level till 145/144.38/144.
It is good to buy on dips around 146.60-65 with SL around 146 for the TP of 148.10
