FxWirePro: GBP/JPY trades higher on strong cable, good to buy on dips
GBP/JPY is consolidating in narrow range after hitting high of 146.49 made on Jul 2nd 2018. The rise of almost 250 pips from the low of 143.76 was mainly due to huge jump in GBPUSD. Cable rose more than 150 pips from low…
GBP/JPY is consolidating in narrow range after hitting high of 146.49 made on Jul 2nd 2018. The rise of almost 250 pips from the low of 143.76 was mainly due to huge jump in GBPUSD. Cable rose more than 150 pips from low of 1.30496 on account of positive UK economic data and slight weakness in US dollar index after German political parties agreed to Germany migration deal.Markets eye UK services PMI data which is to be released today for further direction. GBP/JPY hits intraday high of 145.94 and is currently trading around 145.76.
The pair is facing strong resistance at 146.10 (20 -day MA and trend line resistance) and any break above will take the pair till 146.50/147/147.29 (50% fib)/148.11. Any close above 148.11 will take the pair to next level till 149/150.
On the lower side, near term support is around 145 and any break below will take the pair to next level till 144.38/143.75.
It is good to buy above 145.55-60 with SL around 144.90 for the TP of 148.
