#GBPJPY @ 160.873 picks up bids to refresh intraday high, prints the first daily gain in four., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• GBP/JPY picks up bids to refresh intraday high, prints the first daily gain in four.
• Clear break of immediate descending trend line, 50-HMA favor buyers.
• Upbeat oscillators add strength to bullish bias targeting 200-HMA.

The pair currently trades last at 160.873.

The previous day high was 160.86 while the previous day low was 158.27. The daily 38.2% Fib levels comes at 159.26, expected to provide support. Similarly, the daily 61.8% fib level is at 159.87, expected to provide support.

GBP/JPY renews intraday high near 160.35 as bulls return to the table amid early Monday in London, after a three-day absence. In doing so, the quote pierces 50-Hour Moving Average (HMA) in an attempt to please the buyers.

That said, the cross-currency pair’s latest rebound could be linked to the quote’s successful break of a downward-sloping resistance line from the last Wednesday. Adding strength to the upside bias are the bullish MACD signals and ascending RSI (14) line, not overbought.

Although the GBP/JPY buyers are likely to keep the reins, at least for a while, the 200-HMA hurdle surrounding 161.10 holds the key for the pair’s further upside.

Following that, the previous weekly top and the monthly high, respectively around 163.35 and 164.25, could lure the bulls.

Meanwhile, the 160.00 psychological magnet limits the immediate downside of the GBP/JPY price ahead of the resistance-turned-support line of around 159.50.

Should the cross-currency pair slip beneath the 159.50 mark, the monthly low of 158.27, marked the previous day, may lure the GBP/JPY bears.

To sum up, GBP/JPY is likely to rise further but the pair’s upside past 200-HMA needs strong catalysts to convince bulls.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPJPY currently trading at 160.33 at the time of writing. Pair opened at 159.9 and is trading with a change of 0.27% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 162.26, 50 SMA 161.05, 100 SMA @ 162.53 and 200 SMA @ 163.25.

The previous day high was 160.86 while the previous day low was 158.27. The daily 38.2% Fib levels comes at 159.26, expected to provide support. Similarly, the daily 61.8% fib level is at 159.87, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 158.49, 157.09, 155.91
• Pivot resistance is noted at 161.08, 162.26, 163.67

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