Major resistance- 137.35
GBPJPY is consolidating ahead of the G20 summit. The pair has once again declined after hitting 5-day high at 137.32 yesterday. The pair will show a good up move if talks become successful and demand for a Safe-haven asset will decline. UK Q1 GDP came at 0.5% in line with estimation 0.5% q/q prelim and 1.8% vs 1.8% y/y prelim. The pair hits an intraday low of 136.27 and is currently trading around 136.48.
On the higher side, the pair is facing near term resistance is around 137.25-35 and any break above will take the pair to next level till 138.35/139.65. Any break above 139.65 takes the pair to next level 140.50/141.72.
The near term support is around 136.10 (61.8% fib) and any convincing break below will drag the pair to the next level till 135.77. Any bearish continuation only below 135.38.
It is good to stay neutral.
