FxWirePro: GBP/JPY declines till 20 day MA on Brexit concern, good to buy on dips
GBP/JPY pared most of its gains in yesterday European trading session. The pair hits high of 147.60 and declined almost 150 pips on account political uncertainty in UK. The pounds recovery is capped by UK Theresa May pol…
GBP/JPY pared most of its gains in yesterday European trading session. The pair hits high of 147.60 and declined almost 150 pips on account political uncertainty in UK. The pounds recovery is capped by UK Theresa May political crisis. Pound sterling has shown a minor reaction for resignation Brexit secretary David Davis. But declined drastically from the high of 1.33625 after resignation of Foreign Secretary Boris Johnson.Markets eye UK GDP data and manufacturing production data for further direction. The pair hits low of 146.13 and is currently trading around 147.10.
The pair is facing strong resistance at 147.60 and any break above will take the pair till 148.27 (100- day MA)/149.
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
