FxWirePro: GBP/JPY trades below 7- day MA, good to sell on rallies
GBP/JPY declined sharply almost more than 150 pips yesterday on account weak GBP. Pound sterling was trading weak against all majors yesterday after weaker than expected UK CPI data. UK inflation rose 2.5% lowest since M…
GBP/JPY declined sharply almost more than 150 pips yesterday on account weak GBP. Pound sterling was trading weak against all majors yesterday after weaker than expected UK CPI data. UK inflation rose 2.5% lowest since Mar 2017. The tepid wage growth and weak CPI will delay the rate hike by BOE.
The pair declined almost 70 pips from the intraday high of 152.70 till 151.99 and is currently trading around 152.25.
The major resistance is around 152.80 and any convincing break above targets 153.15/153.85.
On the lower side, near term support is around 151.90 (10- day MA) and any close below will drag the pair till 151/150.59 (20- day MA).
It is good to sell on rallies around 152.65-70 with SL around 153.15 for the TP of 151.50/150.59.
