GBP/JPY confined in a narrow range, around 140.00 handle

  • Thursday’s BoE MPC vote split kept the GBP bulls on the defensive on Friday.
  • Fading safe-haven demand weighed on the JPY and extended some support.

The GBP/JPY cross struggled for a firm direction and oscillated in a narrow trading band, around the key 140.00 psychological mark through the mid-European session.
The cross extended its sideways consolidative price action on Friday and remained well within a broader trading band range held over the past three weeks or so, awaiting fresh catalyst before the next leg of a directional move.

Traders remained on the sideline

Thursday's 7-2 BoE vote split to keep interest rates unchanged at 0.75% suggested that the UK central bank is poised to change its stance on monetary policy and kept the GBP bulls on the back-foot on the last trading day of the week.
However, fading demand for traditional safe-haven currencies, including the Japanese Yen, despite conflicting trade-related headlines on Thursday, extended some support and helped limit any meaningful downside.
Investors also seemed reluctant to place any aggressive bets amid absent relevant UK political or Brexit news and influential market-moving economic releases, making it prudent to wait for a sustained breakthrough the recent trading range.

Technical levels to watch


Today last price 140.03
Today Daily Change 0.03
Today Daily Change % 0.02
Today daily open 140
Daily SMA20 139.7
Daily SMA50 135.38
Daily SMA100 134.02
Daily SMA200 138.6
Previous Daily High 140.54
Previous Daily Low 139.47
Previous Weekly High 140.7
Previous Weekly Low 139.3
Previous Monthly High 141.51
Previous Monthly Low 130.42
Daily Fibonacci 38.2% 139.88
Daily Fibonacci 61.8% 140.13
Daily Pivot Point S1 139.47
Daily Pivot Point S2 138.93
Daily Pivot Point S3 138.4
Daily Pivot Point R1 140.54
Daily Pivot Point R2 141.07
Daily Pivot Point R3 141.61



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