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FxWirepro- GBPJPY Daily Outlook

GBPJPY is consolidating after a nice pullback on the strong Pound sterling. It hit a high of 183.814 and is currently trading at around 183.61.

 

 GBPUSD- Trend- Neutral

 

The pound sterling showed a minor sell-off amid mixed UK economic data. The UK economy grew by 0.20% in Aug, in line with the estimate. UK construction output and industrial production came below estimate. Markets eyes US CPI data today for further direction. Any close above 1.2350 confirms further bullishness.

 

 

USDJPY- Bullish

 

 The pair trades flat ahead of US CPI data. The significant resistance is 150/152.

 

 GBPJPY analysis-

 

 The near-term resistance is around 184, a breach above targets 184.60/185/186. The immediate support is at 183.30, any violation below will drag the pair to 182.50/181.50/180.70/178/176.50.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- Neutral

 

  It is good to buy on dips around 183 with SL around 182 for the TP of 186.

 

 

 

 

 

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