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The GBP/JPY currency pair trades weak as the Pound sterling declines. It hit a low of 192.53 at the time of writing and is currently trading around 193. The Potential Reversal Zone (PRZ) is set at 200.20.
This week, the Pound Sterling weakened significantly against all major currencies due to disappointing economic data and a stronger U.S. dollar. The UK's unemployment rate rose to 4.3%, and retail sales fell by 0.7%, showing low consumer confidence. The Pound dropped below $1.26, its lowest level since May, and struggled against other currencies. Overall, investors are favoring the stronger U.S. dollar amid ongoing market uncertainty and geopolitical tensions.
Technical Overview
The GBP/JPY is trading below both short-term and long-term moving averages, which suggests a major downtrend. The immediate resistance level is at 193.35. If the price breaks this level, it could rise toward 193.80/194.15/194.65/195. Support is at 192.50; if that fails, the price could drop to 191.75/190.
Indicator Analysis
The CCI and ADX indicators suggest a bearish trend.
Trading Recommendation:
Consider selling on rallies around 193.68-70 with SL around 194.65, aiming for a target price of 190.10.
