#GBPJPY @ 161580 daily chart shows the pair trading sideways due to the lack of fresh impetus, Pivot Orderbook analysis

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• GBP/JPY daily chart shows the pair trading sideways due to the lack of fresh impetus.
• Near-term, the hourly chart formed a double-bottom, targeting 162.00.

The pair currently trades last at 161.580.

The previous day high was 162.61 while the previous day low was 161.5. The daily 38.2% Fib levels comes at 161.92, expected to provide resistance. Similarly, the daily 61.8% fib level is at 162.19, expected to provide resistance.

The GBP/JPY extended its losses for the second straight day, stumbling below the 20-day EMA at 162.00, striking a new weekly low at 160.90. However, the British pound staged a recovery late in the session and trimmed earlier losses. The GBP/JPY is trading at 161.52, below its opening price as the Asian Pacific session begins.

From a technical perspective, the GBP/JPY remains sideways. During the last 22 days, the cross-currency remains in the 159.44-162.84 range, unable to crack above/below it due to fundamental reasons linked to both currencies. The Relative Strength Index (RSI) paints a dull picture, trapped in the 38-49 reading, in bearish territory, directionless. Therefore, GBP/JPY intraday price action could be more entertaining.

Short term, the GBP/JPY one-hour chart illustrates the formation of a double-bottom on Wednesday, which targets the 162.00 mark. Nevertheless, the cross-currency pair would find crucial supply zones on its way north.

The GBP/JPY first resistance would be the 200-EMA at 161.71. Break above will expose the confluence of the 50 and 100-EMAs in the 161.75-76 area, followed by the R1 daily pivot at 161.96, ahead of the double-bottom’s target.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 161.52 at the time of writing. Pair opened at 161.77 and is trading with a change of -0.15 % .

The pair is trading below its 20 Daily moving average @ 162.14, below its 50 Daily moving average @ 163.41 , below its 100 Daily moving average @ 163.09 and above its 200 Daily moving average @ 159.19

The previous day high was 162.61 while the previous day low was 161.5. The daily 38.2% Fib levels comes at 161.92, expected to provide resistance. Similarly, the daily 61.8% fib level is at 162.19, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 161.31, 160.84, 160.19
• Pivot resistance is noted at 162.42, 163.07, 163.54

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