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GBP/JPY drops below 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Sterling is being offered across the board, taking the GBP/JPY pair below its 100-DMA located at 187.63 levels.

    Rejected at 50% fib

    The cross ran into offers at 188.12 (50% of 195.88-180.36) earlier today following which the pair dropped to a low of 187.37 levels. Still, the likelihood of the cross ending the week higher is high, since it is trading well above the weekly opening rate of 186.69.

    Later today, the speech from the Fed officials – Bullard and Dudley – could influence the FX markets.

    GBP/JPY Technical Levels

    At 187.46, the immediate support is seen at 187.12 (10-DMA), under which the losses could be extended to 186.29 (38.2% of 195.88-180.36). On the other side, resistance is seen at 188.12 (50% of 195.88-180.36) and 188.80 (previous day’s high).
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