GBP/JPY plunges 300-pips to 145.00 on renewed Brexit jitters
|- Brexit anxiety, awful UK retail sales data drag GBP/JPY sharply lower.
- All eyes on the UK Brexit Cabinet meeting and UK inflation data for fresh directional move.
The relentless selling in the pound amid renewed Brexit jitters, knocks-off the GBP/JPY cross to the lowest levels in two weeks just below the 145 handle.
Brexit deal – a distant dream, GBP sinks
The latest news that the UK Brexit Secretary Raab resigned from his position amid disagreement on indefinite Irish border backstop poured cold water on a potential Brexit deal likely to be clinched this month, bring Brexit blues back to the fore.
The investors are heavily selling off the pound on re-emergence of Brexit uncertainty that pushed the Cable briefly below the 1.28 handle, down nearly 1.50% so far. The GBP/JPY cross sinks -1.77% to 145.04 levels, with further downside opening up towards the 143.25 level-
Moreover, a downside surprise delivered by the UK retail sales report exacerbated the pain in the sterling, collaborating to further declines in the cross. Markets will continue to weigh in the Brexit-related developments, with all eyes on the US retail sales and the sentiment on the Wall Street for further trading impetus.
GBP/JPY Technical Levels
GBP/JPY
Overview:
Last Price: 145.3
Daily change: -2.4e+2 pips
Daily change: -1.62%
Daily Open: 147.69
Trends:
Daily SMA20: 146.3
Daily SMA50: 146.95
Daily SMA100: 145.86
Daily SMA200: 147.28
Levels:
Daily High: 148.44
Daily Low: 146.32
Weekly High: 149.5
Weekly Low: 146.86
Monthly High: 149.52
Monthly Low: 142.78
Daily Fibonacci 38.2%: 147.63
Daily Fibonacci 61.8%: 147.13
Daily Pivot Point S1: 146.53
Daily Pivot Point S2: 145.37
Daily Pivot Point S3: 144.42
Daily Pivot Point R1: 148.64
Daily Pivot Point R2: 149.59
Daily Pivot Point R3: 150.75
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