GBPJPY declined more than 50 pips after dismal UK retail sales. It hit a low of 181.29 at the time of writing and is currently trading at around 181.54.
GBPUSD- Trend- Bearish
The pound sterling pared some of its gain after weak UK retail sales data. It declined 0.90% m/m in Sep vs. Estimate -0.30% and 0.40% in Aug. The geopolitical tension in the Middle East has increased the demand for safe-haven assets like the US dollar, and gold..Any close above 1.2100 confirms further bearishness.
USDJPY- Bullish
The pair consolidated in a narrow range despite the hawkish Fed chairman. The significant resistance is 150/152.
GBPJPY analysis-
The near-term resistance is around 182, a breach above targets 182.75/183.25/184/184.60/185/186. The immediate support is at 181.40, any violation below will drag the pair to 180.70/178/176.50.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Neutral
It is good to sell on rallies around 182.25-30 with SL around 183 for the TP of 178/176.50.
