FxWirePro: GBP/JPY trades volatile as Brexit the elephant in the room, good to buy on dips buy on dips
GBP/JPY is trading highly volatile for past two trading days on account of Brexit uncertainty. The continuous back to back resignation of Brexit Secretary and Foreign Secretary has created political uncertainty. UK GDP d…
GBP/JPY is trading highly volatile for past two trading days on account of Brexit uncertainty. The continuous back to back resignation of Brexit Secretary and Foreign Secretary has created political uncertainty. UK GDP data came at 0.3% as expected but manufacturing production came at 0.4% compared to forecast of 1.0%. The pair hits high of 147.78 and declined almost 100 pips. Cable is facing strong resistance at 34 day EMA at 1.3305 and traders using slight jump as opportunity for selling. The pair hits high of 147.41 and is currently trading around 147.22.
The pair is facing strong resistance at 148.21 (100- day MA) and any break above will take the pair till 149/149.52 (200- day MA).
On the lower side, near term support is around 146.80 (50- day MA) and any break below will take the pair to next level till 146/145/144.38/144.
It is good to buy on dips around 146.50-55 with SL around 146 for the TP of 148.20/149.
