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GBPJPY trades in a narrow range between 170.09 and 167.41 for the past three trading days. The Pound sterling pared most of its gains as UK PM Truss resigned after serving 6 weeks. Markets await UK development in UK political crisis for further direction. Any breach below 1.1150 will take GBPUSD to 1.0950. Technically in the 4-hour chart, GBPJPY holds above short-term 21-EMA, 55- EMA, and long-term 200 EMA (163.64). Any convincing break above 170 will take the pair to the next level 172/175. GBPJPY hits an intraday low of 169.32 and is currently trading around 168.896.
The near-term support is around 167.40, a breach below targets 166/165.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- bullish
It is good to buy on dips around 168 with SL around 167 for a TP of 172.
