#GBPJPY @ 161.050 Price Analysis: Pound, under pressure, testing support at 160.90 (Pivot Orderbook analysis)
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The pair currently trades last at 161.050.
The previous day high was 162.34 while the previous day low was 160.34. The daily 38.2% Fib levels comes at 161.58, expected to provide resistance. Similarly, the daily 61.8% fib level is at 161.11, expected to provide resistance.
The Sterling is losing ground on Thursday, to put an end to a three-day recovery from the 158.90 area. The pair has lost nearly 0.5% on the day so far, retreating from Wednesday’s highs at 162.35 to test previous resistance turned support at 160.90.
The pair was unable to confirm the 38,2% Fibonacci Resistance level at 161.90 on Wednesday and has been gaining negative traction on Thursday, amid a sourer market sentiment.
On its reversal, the GBP has broken trendline support from last week’s lows and is testing the mentioned 160.90 support area (December 21, 27 highs).
With the MACD in the four-hour chart on the verge of a bearish cross and RSI treading below the 50 level, a confirmation below 160.90 would strengthen bears and open the path toward the 160.00 round level on its way to a three-month low at 158.55.
On the contrary, a positive reaction should reach past the previous trendline support, now at 161.30, and the confluence of Fibonacci resistance and the 50-SMA at 161.80. This would ease negative pressure and set the pair’s focus on the December 28 peak, at 162.30.
Technical Levels: Supports and Resistances
GBPJPY currently trading at 161.02 at the time of writing. Pair opened at 161.61 and is trading with a change of -0.37 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 161.02 |
| 1 | Today Daily Change | -0.59 |
| 2 | Today Daily Change % | -0.37 |
| 3 | Today daily open | 161.61 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 164.6, 50 SMA 166.35, 100 SMA @ 164.52 and 200 SMA @ 163.78.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 164.60 |
| 1 | Daily SMA50 | 166.35 |
| 2 | Daily SMA100 | 164.52 |
| 3 | Daily SMA200 | 163.78 |
The previous day high was 162.34 while the previous day low was 160.34. The daily 38.2% Fib levels comes at 161.58, expected to provide resistance. Similarly, the daily 61.8% fib level is at 161.11, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 160.52, 159.43, 158.52
- Pivot resistance is noted at 162.52, 163.44, 164.53
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 162.34 |
| Previous Daily Low | 160.34 |
| Previous Weekly High | 167.04 |
| Previous Weekly Low | 158.60 |
| Previous Monthly High | 170.95 |
| Previous Monthly Low | 163.06 |
| Daily Fibonacci 38.2% | 161.58 |
| Daily Fibonacci 61.8% | 161.11 |
| Daily Pivot Point S1 | 160.52 |
| Daily Pivot Point S2 | 159.43 |
| Daily Pivot Point S3 | 158.52 |
| Daily Pivot Point R1 | 162.52 |
| Daily Pivot Point R2 | 163.44 |
| Daily Pivot Point R3 | 164.53 |
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