Slobodan Drvenica
Windsor Brokers
GBPJPY
The pair blasted through psychological 150 barrier on Thursday and broke above strong barrier at 151.11 (Fibo 38.2% of larger 195.24/123.83 (Aug 2015 / Sep 2016 descend), boosted by fresh hawkish comments from BoE MPC member about interest rate hike in coming months.
Weekly close above this pivotal point would generate another strong bullish signal for further advance.
The pair is currently riding on the third wave of five-wave cycle from 139.30 and eyes its FE 300% at 152.08.
There are no firmer signals of fatigue so far, as the pair gained over 3.5% in less than two days and strongly overbought daily studies, however, corrective action could be anticipated in coming sessions.
Former tops at 148.45; 148.10 and 147.77 (posted on 11 Dec 2016; 07 May and 09 July 2017 respectively) now act as solid supports.
Res: 151.54; 152.08; 153.01; 154.24
Sup: 151.00; 150.00; 149.31; 148.45
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
The Federal Reserve lowered its rates by 50 bps - LIVE
The Federal Reserve reduced its Fed Fund Target Range (FFTR) by 50 bps to 4.75%-5.00% amidst a divided consensus at its gathering on Wednesday.
EUR/USD climbs to daily highs near 1.1180 following the Fed’s decision
EUR/USD now picks up extra pace and revisits the 1.1180 region after the Federal Reserve decided to cut its interest rates by 50 bps at its event on Wednesday.
GBP/USD hits fresh tops near 1.3300 on weaker Dollar
The Greenback is now accelerating its decline following the Fed’s decision to reduce its interest rates, sending GBP/USD to fresh tops in the 1.3290 zone.
Gold clinches a record high near $2,600 ahead of Powell
Prices of Gold gather extra steam and hit an all-time top near the $2,600 mark per ounce troy as investors continue to assess the 50 bps rate cut by the Federal Reseve and warm up for the usual press conference by Chief Jerome Powell.
Federal Reserve set for first interest-rate reduction in four years amid growing bets of jumbo cut
The Federal Reserve is widely expected to lower the policy rate after the September meeting. The revised Summary of Economic Projections and Fed Chairman Powell’s remarks could provide important clues about the rate outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.