GBP/JPY rebounds from Fib support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY pair ran into fresh bids near 184.02 (23.6% of 195.88-180.36) and recovered losses to trade largely unchanged around 184.45 levels.

    Stuck between key Fib levels

    The cross has been stuck between key fib levels – 184.02 (23.6% of 195.88-180.36) and 186.29 (38.2% of 195.88-180.36). An attempt to break above 186.29 on Monday ran out of steam as the risk sentiment took a turn for the worst following a weak China data and sharp drop in oil prices.

    The major index futures in Europe and US are trading moderately higher now, which may restrict Yen demand and help the GBP/JPY pair sustain above 184.02 levels.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 185.17 (50-DMA), above which the pair could test 186.24 (200-DMA) and 186.29 (38.2% Of 195.88-180.36). On the other hand, a break below 184.02 would expose 183.22 (Aug 24 low).
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