FxWirePro: GBP/JPY trades lower on weak GBP, good to sell on rallies
GBP/JPY has jumped sharply till 148.89 and pared some of its gain made yesterday on account of weakness in pound. GBP was trading weak against all majors especially with USD after Brexit white paper. UK P, Theresa May ha…
GBP/JPY has jumped sharply till 148.89 and pared some of its gain made yesterday on account of weakness in pound. GBP was trading weak against all majors especially with USD after Brexit white paper. UK P, Theresa May has revealed her soft Brexit in full yesterday and is looking to strike free trade agreement with EU. GBPUSD has lost more than 100 pips form yesterday’s high of 1.32490. Markets eye BOE Deputy Governor Jon Cunliffe speech today for further direction. US CPI data came slightly better than expected and inflation y-o-y came at highest level in 6 years .The pair hits intraday high of 147.97 and is currently trading around 148.04.
The pair is facing strong resistance at 149 and any break above will take the pair till 149.52 (200- day MA)/150.
On the lower side, near term support is around 147.65 (100- H MA) and any break below will take the pair to next level till 146.92 (200- H MA)/146.
It is good to sell on rallies around 148.25-30 with SL around 149 for the TP of 146.
