GBP/JPY fails to hold on to recovery gains amid recent risk-off, Brexit news


  • UK politicians keep plotting to topple PM Johnson, delay Brexit.
  • US-China trade tussle, North Korean missile tests renew risk-off.
  • Lack of data highlights trade/political news for fresh impulse.
  • Having benefited from upbeat UK data and a mild risk recovery, the GBP/JPY pair again declines to 128.30 on early Friday.

Thursday’s upbeat UK Retail Sales growth and comments from the US that China might not retaliate upcoming tariffs triggered the pair’s pullback on the previous day.

However, early-day statements from China’s Global Times poured cold water on the expectations. Also weighing the risk sentiment is North Korea’s another missile test round. In a reaction, the US 10-year treasury yields keep it low around 1.527% by the press time.

On the other hand, British lawmakers are plotting to topple the UK Prime Minister (PM) Boris Johnson with a no-confidence vote as soon as early September and also delay the Brexit. Though, the US President Donald Trump’s comment to likely have strong trading ties with the UK PM Johnson and company keep the Pound in check.

With the little or no major data up for publishing during the rest of the day, investors can keep an eye over the trade/political headlines for fresh direction. It should also be noted that British Chancellor of Exchequer Sajid Javid will travel to Berlin and meet Germany’s finance minister Olaf Scholz.

Technical Analysis

Unless breaking early-month low near 130.00, prices are less likely to aim for 131.70 and July 31 top at 133.00. In doing so, 127.40 and 126.50 can please short-term sellers.

Additional important levels

Overview
Today last price 128.27
Today Daily Change 3 pips
Today Daily Change % 0.02%
Today daily open 128.24
 
Trends
Daily SMA20 131.03
Daily SMA50 134.16
Daily SMA100 138.51
Daily SMA200 141
Levels
Previous Daily High 128.99
Previous Daily Low 127.47
Previous Weekly High 130.08
Previous Weekly Low 126.96
Previous Monthly High 137.8
Previous Monthly Low 131.61
Daily Fibonacci 38.2% 128.41
Daily Fibonacci 61.8% 128.05
Daily Pivot Point S1 127.48
Daily Pivot Point S2 126.71
Daily Pivot Point S3 125.95
Daily Pivot Point R1 129
Daily Pivot Point R2 129.76
Daily Pivot Point R3 130.52

 

 

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