GBPJPY showed a minor pullback after a decline of more than 250 pips. It hit a high of 182.58 yesterday and is currently trading at around 182.035.
GBPUSD- Trend- Bearish
The pound sterling recovered slightly despite upbeat US GDP data. US GDP grew at an annualized rate of 4.9% in the third quarter, compared to a forecast of 4.50%. US durable goods orders rose 4.7% m/m due to a surge in aircraft sales vs an Estimate of 1.9%. Any close above 1.2150 confirms further bullishness.
USDJPY- Bullish
The pair declined more than 50 pips after a multi month high ahead of US PCE data. The significant resistance is 151/152.
GBPJPY analysis-
The near-term resistance is around 182.75, a breach above targets 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)- Neutral
ADX- bearish
It is good to sell on rallies around 182.25-30 with SL around 183 for the TP of 178/176.50.
