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GBPJPY showed a minor pullback on a minor pullback in Pound sterling. It hits an intraday high of 163.35 and is currently trading around 163.26.
GBPUSD- Trend- Bullish
The pound sterling recovered after upbeat UK GPD data. The economy expanded by 0.30% in Jan, above the forecast of 0.10%. The policy divergence between the US fed and BOE puts pressure on the pair at higher levels. Any close below 1.1800 will pull the pair to 1.1700.
USDJPY- Bullish
The pair trades flat ahead of US NFP data. Major resistance is 138/140.
GBPJPY analysis-
The near-term support is around 163, a breach below the targets of 162.50/161.70/161/160. The immediate resistance is at 163.50, any violation above will take the pair to 164/165/166/167.01.
Indicators (4-hour chart)
CCI (50) –Bearish
ADX- Bearish
It is good to sell on rallies around 163.50-55 with an SL of 164.50 for a TP of 160.
