Ichimoku Analysis (4-hour chart)
Tenken-Sen- 134.84
Kijun-Sen- 134.95
GBPJPY is trading weak and lost more than 50 pips till 134.22 on weak UK GDP data. It shows that economy is expanded at 1.8% m/m vs forecast of 5% and -20.3% previous. GBPUSD lost declined nearly 50 pips in the UK session and is currently trading around 1.25154. Any violation below 1.2500 targets 1.2475/1.2450.
The 4-hour chart shows that the pair is trading below 200 MA (134.55). The near term support is around 134.05 (200-4H EMA), and the indicative break below that level will drag the pair to the next level 133/131.75.
On the higher side, strong resistance is at 135.50 and any indicative break above will take the pair till 136.35/137/138.
It is good to sell on rallies around 134.50-55 with SL around 135.50 for the TP of 131.80.
