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GBP/JPY attempting gains above 162.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Broad based USD selling is helping Cable more, thereby helping GBP/JPY cross extend gains above 162.00 handle.

    Supported by 161.34

    Prices clocked a low of 161.34 before a rise in GBP/USD helped recovery set in motion. Still, gains above 162.00 are hard to come; given the JPY is also gaining ground against USD. As of now, Sterling traders are ignoring latest polls which show sentiment tilting in favor of Brexit.

    The cross currently trades around 162.10 and appears poised to test 162.47 (38.2% of 175.02-154.72) unless traders take a note of Brexit fears.

    GBP/JPY Technical Levels

    The immediate hurdle is noted at 162.47 (38.2% of 175.02-154.72), above which the cross may target 163.46 (50-DMA). Conversely, a break below 161.78 (Mar 18 high) would open doors for a re-look at the daily low of 161.34.
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