FxWirePro: GBP/JPY trades lower on geo political tension, good to sell on rallies
GBP/JPY has shown a minor weakness after 3 weeks of bullishness. Pound sterling was trading higher in the past week and jumped almost more than 200 pips in previous week on hopes of rate hike by BOE. The escalating tensi…
GBP/JPY has shown a minor weakness after 3 weeks of bullishness. Pound sterling was trading higher in the past week and jumped almost more than 200 pips in previous week on hopes of rate hike by BOE. The escalating tensions in Middle East has increase demand for safe haven assets like Yen. It also supporting the price of GBP/JPY. The pair hits high of 153.84 and shown a 100 pips decline from that level. It is currently trading around 152.82. Market eyes US retail sales data for further direction.
The major resistance is around 153.85 and any convincing break above targets 155/156.50.
On the lower side, near term support is around 152.25 (100- H MA) and any close below will drag the pair till 151.35 (200- H MA)/150.05.
It is good to sell on rallies around 153.15-20 with SL around 153.85 for the TP of 151.35.
