The GBPJPY currency pair, currently at a rate of 182.194, continues to experience downward pressure following a reversal from a resistance line that has been in place for three weeks. The viewpoint of @nehcap is that there is a likelihood of further decline.
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- GBP/JPY stays pressured after reversing from three-week-old ascending resistance line.
The pair currently trades last at 182.194.
The previous day high was 183.25 while the previous day low was 182.59. The daily 38.2% Fib levels comes at 183.0, expected to provide resistance. Similarly, the daily 61.8% fib level is at 182.84, expected to provide resistance.
GBP/JPY holds lower grounds near 182.00 after snapping a three-day uptrend the previous day. In doing so, the cross-currency pair keeps Wednesday’s U-turn from a three-week-old rising trend line as market players await the Bank of England (BoE) Interest Rate Decision on Thursday.
Also read: Bank of England Preview: Sell Sterling? Why Bailey may break the Pound, even with a bigger hike
Not only the quote’s pullback from the key resistance line stretched from July 11 but bearish MACD signals and downward-sloping RSI (14), not oversold, also weigh on the GBP/JPY price on a crucial day.
With this, the pair sellers appear well set to test the previous resistance line from July 06, close to 181.30 by the press time.
In a case where the market’s disappointment from the BoE becomes too heavy and breaks the 181.30 support, the 200 Exponential Moving Average (EMA) level of 180.60 and the 180.00 round figure will challenge the GBP/JPY pair’s further downside.
On the flip side, a clear break of the aforementioned resistance line, close to 183.40 by the press time, could convince sellers to stay in the line. However, they may want to wait for a clear upside break of the yearly high marked in July, around 184.00, for further dominance.
To sum up, GBP/JPY stays on the bear’s radar as markets prepare for the BoE’s dovish hike.
Trend: Further downside expected
Technical Levels: Supports and Resistances
GBPJPY currently trading at 182.11 at the time of writing. Pair opened at 183.14 and is trading with a change of -0.56% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 182.11 |
| 1 | Today Daily Change | -1.03 |
| 2 | Today Daily Change % | -0.56% |
| 3 | Today daily open | 183.14 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 181.6, 50 SMA 179.42, 100 SMA @ 172.97 and 200 SMA @ 168.07.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 181.60 |
| 1 | Daily SMA50 | 179.42 |
| 2 | Daily SMA100 | 172.97 |
| 3 | Daily SMA200 | 168.07 |
The previous day high was 183.25 while the previous day low was 182.59. The daily 38.2% Fib levels comes at 183.0, expected to provide resistance. Similarly, the daily 61.8% fib level is at 182.84, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 182.73, 182.33, 182.07
- Pivot resistance is noted at 183.4, 183.66, 184.06
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 183.25 |
| Previous Daily Low | 182.59 |
| Previous Weekly High | 182.35 |
| Previous Weekly Low | 176.32 |
| Previous Monthly High | 184.02 |
| Previous Monthly Low | 176.32 |
| Daily Fibonacci 38.2% | 183.00 |
| Daily Fibonacci 61.8% | 182.84 |
| Daily Pivot Point S1 | 182.73 |
| Daily Pivot Point S2 | 182.33 |
| Daily Pivot Point S3 | 182.07 |
| Daily Pivot Point R1 | 183.40 |
| Daily Pivot Point R2 | 183.66 |
| Daily Pivot Point R3 | 184.06 |
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