FxWirePro: GBPJPY declines sharply, further weakness below 146
GBPJPY declined sharply after breaking low of 147.20 and hits intraday low of 146.29. US dollar index was trading higher against majors after more dovish comment by ECB. ECB is planning to reduce bond purchase in the com…
GBPJPY declined sharply after breaking low of 147.20 and hits intraday low of 146.29. US dollar index was trading higher against majors after more dovish comment by ECB. ECB is planning to reduce bond purchase in the coming months and to hold interest rates by summer 2019. It is currently trading around 146.60.
Technically the pair is facing strong resistance around 148.11 high made on Jun 7th 2018. Any break above 148.11 confirms further bullishness and a jump till 149.80/150/151.55 is possible.
On the lower side, major weakness only below 146 level and any break below will drag the 145/143.20.Overall bullish invalidation only below 143.
It is good to sell on rallies around 147-147.10 with SL around 148.10 for the TP of 143.20.
