FxWirePro: GBP/JPY trades lower on weak GBP, good to sell on rallies
GBP/JPY is continuing its bearish trend and lost more than 100 pips from yesterday’s high 146.49. The pair has lost more than 400 points from the high of 149.31 temporary top formed on Jul 16th 2018. GBP is trading lower…
GBP/JPY is continuing its bearish trend and lost more than 100 pips from yesterday’s high 146.49. The pair has lost more than 400 points from the high of 149.31 temporary top formed on Jul 16th 2018. GBP is trading lower against all majors after EU chief negotiator Micheal Barnier ruled out UK key customs proposal. Cable declined more than 100 pips after the news. US dollar index recovered sharply after Euro weakness post ECB and good jump in US 10 year yield. GBPJPY hits low of 145.33 and is trading around 145.58.
The pair is facing strong resistance at 146.30 (7- day MA) and any break above will take the pair till 147.19 (55- day EMA)/148.18.
On the lower side, near term support is around 145 and any break below will take the pair to next level till 144.35/143.
It is good to sell on rallies around 146.25-30 with SL around 146.70 for the TP 145/144.35.
