GBP/JPY bounces-off key Fib support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY ran into bids at 186.41 (23.6% of 180.36-188.28) after having snapped four day winning streak on Thursday.

    Eyes hourly 50-MA

    The cross appears on track to re-test its hourly 50-MA seen at 186.79. The pair found support at the confluence of the 23.6% of 180.36-188.28 and the hourly 100-MA at 186.41 earlier today. The Cable found support at 1.52 handle, while the USD/JPY pair recovered losses to trade unchanged on the day around 122.65.

    Ahead in the day, the pair could be influenced by the US advance retail sales report.

    GBP/JPY Technical Levels

    The immediate resistance is located at 187.05 (Nov 11 high), above which the pair could rise to 187.51 (previous day’s high) and 187.85 (100-DMA). On the other side, support is seen at 186.41 (23.6% of 180.36-188.28) and 186.00 levels.
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