GBPJPY surged sharply on the bullish pound sterling. It gained against the USD for the past two days in hopes of stimulus by the new UK PM. UK economy expanded by 0.2% in Jul compared to a forecast of 0.3%. The minor pullback in the Yen prevented the pair from further bullishness. Technically in the 4-hour chart, holding above short-term 21-EMA, 55 EMA, and long-term 200 EMA (162.98). Any surge above 167 will take the pair to the next level 167.80/168.70. GBPJPY hits an intraday high of 166.98 and is currently trading around 166.864.
The near-term support is around 166.35, a breach below targets 165.75/165.30/164.30.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- Bullish
It is good to buy on dips around 166.35-40 with SL around 165 for TP of 168.70.


FxWirePro: NZD/USD downside pressure builds, key support level in focus
FxWirePro: GBP/NZD firms as RBNZ pushes back on rate hike prospects
FxWirePro- Major European Indices
FxWirePro: USD/JPY slips as yen gains ahead of BOJ meet
FxWirePro: GBP/AUD consolidates around 2.0145, maintains bullish bias
FxWirePro- Woodies Pivot(Major)
CAD/JPY Dips on Soft Canadian CPI: Buy the Dip to 115?
FxWirePro: EUR/CAD gaining momentum for a move towards 1.6250 level
FxWirePro: USD/JPY dips as yen strengthens ahead of BOJ policy meeting
FxWirePro: USD/ZAR attracts selling interest, could be on verge of a bigger drop
FxWirePro: GBP/NZD ticks down after UK GDP data disappoints
FxWirePro: GBP/AUD gives up early gains after UK GDP shock
FxWirePro: EUR/NZD advances as kiwi weakness after RBNZ's Breman comments
Yen Surge Dims NZDJPY Shine: Bearish Trend Holds Below 91 Resistance
FxWirePro: EUR/AUD trends higher, but faces potential pitfalls
NZD/JPY: Bearish Momentum Builds — Sell the Rallies Below 90.90 for a Slide Toward 88.00
FxWirePro: EUR/AUD trends higher, but faces potential pitfalls 



