GBP/JPY attempts recovery ahead of UK PM May’s speech

Omkar Godbole FXStreet Contributor

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).

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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