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GBP/JPY hits 27-month low on Brexit fears

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Heightened Brexit fears and the resulting broad based sell-off in Sterling pushed the GBP/JPY pair to a 27-month low of 159.13.

    Hammered despite uptick in equities

    All the Anti-EU membership news flow has affected only FX markets - Sterling pairs as the UK’s equity index FTSE trades 1% higher. Disconnect between Sterling, Brexit fears and equity index is slightly confusing.

    The focus now shifts to UK PM’s Cameron speech in parliament, where he is expected to comment on the EU deal.

    GBP/JPY Technical Levels

    The cross currently trades around 159.40. The immediate hurdle is seen at 159.77 (hourly 50-MA), above which the cross could target 160.06 (hourly 100-MA). On the other hand, a break below 159.00 could open doors for a slide to next major support at 156.79 (May 2013 high).
    For more information, read our latest forex news.
     

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