FxWirePro: GBP/JPY trades well below 20-day MA, good to sell on rallies
GBP/JPY has shown a major selling on yesterday almost 200 pips on account of weak GBP. GBP was trading weak against all majors after weaker than expected UK GDP data. Pound sterling was continuing its weakness for third …
GBP/JPY has shown a major selling on yesterday almost 200 pips on account of weak GBP. GBP was trading weak against all majors after weaker than expected UK GDP data. Pound sterling was continuing its weakness for third consecutive week and declined almost 186 pips on Friday after weak data. .
The pair is showing a selling pressure after a minor jump till 150.52 for the intraday and is currently trading around 150.27.
The major resistance is around 150.59 (55- day EMA) and any convincing break above targets 151.14 (38.2% fibo)/152. Any minor bullish continuation only above 152.75.
On the lower side, near term support is around 150 and any close below will drag the pair till 148.97/148.38.
It is good to sell on rallies around 151.20-25 with SL around 151.60 for the TP of 150/149.
