FxWirePro: GBP/JPY trades in narrow range, market eyes UK manufacturing PMI
GBP/JPY has shown a minor recovery from low of 149.83 and jumped almost 100 pips from that level.. GBP was trading weak against all majors on weaker economic data and Brexit uncertainty. Pound sterling recovered slightly…
GBP/JPY has shown a minor recovery from low of 149.83 and jumped almost 100 pips from that level.. GBP was trading weak against all majors on weaker economic data and Brexit uncertainty. Pound sterling recovered slightly almost 70 pips on account of profit booking.
The pair is showing a selling pressure after a minor jump till 150.84 yesterday and is currently trading around 150.46.
The major resistance is around 150.92 (100- day MA) and any convincing break above targets 151.39 (38.2% fibo)/152. Any minor bullish continuation only above 152.75. Market eyes UK mnaufacturing PMI data for further direction.
On the lower side, near term support is around 149.66 (50- day MA) and any close below will drag the pair till 148.97/148.38.
It is good to buy on dips around 150 with SL around 149.60 for the TP of 150.90/151.35.
