GBP/JPY trims gains, back below 187.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY is back below 187.00 handle, courtesy of Sterling which is surrendering gains across the board in the early European session.

    Four-day winning streak at risk

    The pair’s four day winning streak is at risk since the cable appears to have lost momentum after being offered in Asia at 1.5248 (50% of Apr low-Jun high). Meanwhile, the USD/JPY too has dipped below 123.00 levels.

    Consequently, the cross is at risk of falling into losses in Europe. At the moment, the pair is trading around 186.90 levels.

    GBP/JPY Technical Levels

    The immediate support is located at 186.41 (23.6% of 180.36-188.28), under which the losses could be extended to 185.99 (200-DMA). On the other side, resistance is seen at 187.69 (Nov 5 high), followed by a hurdle at 187.93 (100-DMA). A break above the same would expose 188.28 (Sep 17 high).
    For more information, read our latest forex news.

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