10 Apr 2014
GBP/JPY range bound; note the daily triangle
FXStreet (Guatemala) - Currently, GBP/JPY is trading at 171.55, up 0.16% on the day, having posted a daily high at 171.63 and low at 171.18.
GBP/JPY is benefitting from a solid performance from the UK of late but despite that, the daily triangle’s resistance is some way off yet and there is no sign of a break out currently. “With an improving fundamental backdrop, note that the IMF made the largest change to the U.K.’s GDP forecast and a central bank that is likely to shift into its rate cycle ahead of the other G4”, explained Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank.
GBP/JPY Levels
Spot is presently trading at 171.56, and next resistance can be seen at 171.63 (Daily High), 171.71 (Hourly 200 SMA), 171.77 (Weekly Classic PP), 172.28 (Daily Classic R2) and 172.55 (Weekly Classic R1). Support below can be found at 171.40 (Daily Classic R1), 171.33 (Yesterday's High), 171.30 (Hourly 100 SMA), 171.28 (Daily Open) and 171.18 (Daily Low).
GBP/JPY is benefitting from a solid performance from the UK of late but despite that, the daily triangle’s resistance is some way off yet and there is no sign of a break out currently. “With an improving fundamental backdrop, note that the IMF made the largest change to the U.K.’s GDP forecast and a central bank that is likely to shift into its rate cycle ahead of the other G4”, explained Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank.
GBP/JPY Levels
Spot is presently trading at 171.56, and next resistance can be seen at 171.63 (Daily High), 171.71 (Hourly 200 SMA), 171.77 (Weekly Classic PP), 172.28 (Daily Classic R2) and 172.55 (Weekly Classic R1). Support below can be found at 171.40 (Daily Classic R1), 171.33 (Yesterday's High), 171.30 (Hourly 100 SMA), 171.28 (Daily Open) and 171.18 (Daily Low).