GBP/JPY attempts recovery ahead of UK PM May’s speech
|The GBP/JPY cross is attempting a break above 137.58 (50% fib retracement of Nov 9 low - Dec 15 high) ahead of the UK PM May’s speech, which could offer insights into whether the government is ready for ‘hard Brexit’.
Supported by monthly 5-MA
The sellers ran out of steam around the monthly 5-MA level of 136.98 on Monday. The pair clocked a high of 138.15 on Monday after PM May’s spokesperson denied ‘hard Brexit’ talks.
However, the bounce was short-lived as the markets did not buy the denial. It remains to be seen if PM May’s Hard Brexit talk later today is well received by the markets.
GBP/JPY Technical Levels
The pair was last seen trading around 137.58 (50% fib). A break above the same would open the doors to 138.51 (Nov 29 low) and then to 138.97 (5-DMA). On the other hand, a breakdown of support at 137.09 (session low) would expose 136.45 (previous day’s low) and 136.01 (100-DMA).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.