GBP/JPY eases from tops, trades with modest gains below 154.00 mark

  • GBP/JPY gained some positive traction on Monday and snapped two days of the losing streak.
  • The optimism over the easing of COVID-19 measures in the UK underpinned the British pound.
  • A modest pickup in demand for the safe-haven JPY kept a lid on any further gains for the cross.

The GBP/JPY cross refreshed daily tops during the early European session, albeit retreated few pips thereafter. The cross was last seen trading with only modest gains, just below the 154.00 mark.

The cross attracted some dip-buying in the vicinity of mid-153.00s on Monday and stalled last week's retracement slide from levels beyond the key 155.00 psychological mark. This marked the first day of a positive move in the previous three sessions and assisted the GBP/JPY cross to recover a major part of its losses recorded on Friday.

As investors looked past last week's dovish Bank of England last week, the sterling found some support amid optimism over the possible easing of the remaining restrictions earlier than July 19. The new UK Health Secretary Sajid Javid will update MPs later this Monday on when the COVID-19 measures will be lifted in England.

The supporting factor, however, was offset by a pickup in demand for the safe-haven Japanese yen, which held traders from placing fresh bullish bets around the GBP/JPY cross. This makes it prudent to wait for some follow-through buying before positioning for any further gains amid absent relevant market moving economic releases.

Technical levels to watch


Today last price 153.93
Today Daily Change 0.28
Today Daily Change % 0.18
Today daily open 153.65
Daily SMA20 154.64
Daily SMA50 153.49
Daily SMA100 151.57
Daily SMA200 145.19
Previous Daily High 154.54
Previous Daily Low 153.6
Previous Weekly High 155.16
Previous Weekly Low 151.32
Previous Monthly High 156.08
Previous Monthly Low 150.93
Daily Fibonacci 38.2% 153.96
Daily Fibonacci 61.8% 154.18
Daily Pivot Point S1 153.32
Daily Pivot Point S2 152.99
Daily Pivot Point S3 152.38
Daily Pivot Point R1 154.26
Daily Pivot Point R2 154.87
Daily Pivot Point R3 155.2



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