10 Apr 2014
GBP/JPY is back to the key support of 171.00
FXStreet (Moscow) - GBP/JPY reached the intraday high at 171.62 during Asian hours, but the upside was not sustained as the cross tumbled to the opening levels of 171.14.
GBP/JPY bulls are hesitant
On Wednesday GBP/JPY recovered most of the losses incurred on the previous day as the pound was on the rise across the board due to better than expected trade balance data. The narrowing trade deficit was a welcome news that supported the cross on its way above 171.00 level. From the long term perspective, it seems that the cross needs some period of consolidation before it may continue a directional trading. On the intraday basis the key risk event for GBP is Bank of England monetary policy decision. Though it is expected to be a non-event, watch out for possible MPC members comments about economy and inflation outlook. More optimistic approach will support the British currency. From the technical point of view the nearest support comes at 171.00 and followed by 170.70. The resistance is seen at current Asian high of 171.62.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 171.02, with support below at 170.70, 170.13, and 169.81, with resistance above at 171.59, 171.91 and 172.48. Hourly Moving Averages are mixed, with the 200SMA at 171.72 and the daily 20EMA at 170.76. Hourly RSI is bullish at 55.
GBP/JPY bulls are hesitant
On Wednesday GBP/JPY recovered most of the losses incurred on the previous day as the pound was on the rise across the board due to better than expected trade balance data. The narrowing trade deficit was a welcome news that supported the cross on its way above 171.00 level. From the long term perspective, it seems that the cross needs some period of consolidation before it may continue a directional trading. On the intraday basis the key risk event for GBP is Bank of England monetary policy decision. Though it is expected to be a non-event, watch out for possible MPC members comments about economy and inflation outlook. More optimistic approach will support the British currency. From the technical point of view the nearest support comes at 171.00 and followed by 170.70. The resistance is seen at current Asian high of 171.62.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 171.02, with support below at 170.70, 170.13, and 169.81, with resistance above at 171.59, 171.91 and 172.48. Hourly Moving Averages are mixed, with the 200SMA at 171.72 and the daily 20EMA at 170.76. Hourly RSI is bullish at 55.