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GBP/JPY jumps-off hourly 100-SMA, rises to 185.70

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The upside bias in the GBP/JPY cross waned just shy of hourly 200-SMA at 185.85, and the price dropped sharply to lows ahead of 185 barrier, before recovering beyond 10-DMA, where it now steadies.

    GBP/JPY holds firmly above 185 handle

    Currently, the GBP/JPY pair trades 0.18% at 185.63, bouncing session lows reached at 185.09, where the hourly 100-SMA lies. The recovery in the GBP/JPY pair can be mainly attributed to the rise in sterling against the greenback, with the bulls cheering upbeat UK banks stress test results ahead of the UK manufacturing PMI report.

    On the other side, a stronger yen versus the US currency restricts further recovery in the cross. Looking ahead, markets will take cues from the upcoming manufacturing PMI report from the UK while the US ISM PMI will also have some bearing on the pair.

    GBP/JPY Technical Levels

    To the upside, the next resistance lies at 185.85 (1h 200-SMA), above which it could extend gains to 186.21 (100-DMA). To the downside, the cross finds immediate support at 185.05 (1h 100-SMA), below that 184.62 (daily S1), could act as a major support.
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