GBPJPY tumbled sharply after dismal UK retail sales. It fell by -1.6% in Aug the sharpest pace in eight months compared to an estimate of -0.50%. GBPUSD extended loss and hits fresh week low. Technically 4-hour chart, holds below short-term 21-EMA, above 55 EMA, and long-term 200 EMA (163.49). Any decline below 163.50 will take the pair to the next level 163/162. GBPJPY hits an intraday high of 164.50 and is currently trading around 163.14.
The near-term resistance is around 163.60, a breach above targets 164 164.50/165/166.35/167/168/168.70.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Bearish
It is good to sell on rallies around 163.95-164 with SL around 165 for TP of 160.60.
