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GBP/JPY drops below 185.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY pair extended losses to trade below 185.00 even though the stock markets across Europe rallied.

    Offered below hourly 50-MA

    The cross ran into offers below the hourly 50-MA located at 185.05 levels and extended losses to hit a session low of 184.76 levels. The uptick in the European markets failed to support the cross since the GBP/USD pair fell below 1.51 levels.

    The cross has pretty much erased the gains witnessed in the previous session.

    GBP/JPY Technical Levels

    The immediate resistance is located at 184.88 (50-DMA), above which the gains could be extended to 185.05 (hourly 50-MA). On the other side, a break below 184.50 (previous day’s low) would expose 184.00 levels.
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