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GBP/JPY dips below 23.6% fibo level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/JPY cross is trading below 169.84 (23.6% of 188.81-163.98) and is down for the fourth consecutive session.

    Fourth weekly loss on cards

    The cross looks poised to end lower for the fourth consecutive session. At 169.60, the pair is down more 300 pips from its opening price of 172.89.

    The drop is surprising the Yen; despite last Friday’s negative rate surprise; strengthened more than GBP/USD. It remains to be seen if the losses are extended further or trimmed after the US non-farm payrolls release.

    GBP/JPY Technical Levels

    The immediate support is seen at 169.00, under which the losses could be extended to 168.56 (Jan 27 low). On the other hand, a break above 170.00 could see the pair re-test 170.53 (daily high).
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