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14 Jan 2015
GBP/JPY onto the 178 handle post heavy daily losses
FXStreet (Guatemala) - GBP/JPY is currently trading at 178.03 with highs of 178.89 and lows at 176.77 and down 0.35% on the day.
GBP/JPY has rallied onto the 178 handle where it is meeting resistance at 178.20 with the greenback dropping back across the board and the recent rhetoric from Carney in respect of interest rates normalising soon, the pound has bulls left in the shadows still.
12 cents has been a huge amount of ground that the pound has lost in the month of Dec until today and the cross is moving into oversold territory where it meets with Sept and Oct trade and highs. Below these levels, the cross may find a strong support line from the 175.93 at the 200 SMA, but through the pivot at 179.58 and in the vicinity of the SMA 100 a break of up to the 182.53 3rd Nov highs could prove to be a lucrative long position with risks and headwinds from risk off play benefiting the Yen.
GBP/JPY has rallied onto the 178 handle where it is meeting resistance at 178.20 with the greenback dropping back across the board and the recent rhetoric from Carney in respect of interest rates normalising soon, the pound has bulls left in the shadows still.
12 cents has been a huge amount of ground that the pound has lost in the month of Dec until today and the cross is moving into oversold territory where it meets with Sept and Oct trade and highs. Below these levels, the cross may find a strong support line from the 175.93 at the 200 SMA, but through the pivot at 179.58 and in the vicinity of the SMA 100 a break of up to the 182.53 3rd Nov highs could prove to be a lucrative long position with risks and headwinds from risk off play benefiting the Yen.