- Pound outperforms on Wednesday ahead of Bank of England announcement on Thursday.
- Yen under pressure amid higher US yields.
- GBP/JPY above the 20-SMA in 4-hour charts fails at 156.00.
The GBP/JPY gained momentum on Wednesday on the back of a stronger pound and a weak Japanese yen. The cross broke above 155.50 and jumped reaching at 155.90, a two-day high.
The rally lost momentum near 156.00 and the pound pulled back modestly. The intraday bias is still positive. GBP/HJPY is trading around two key levels: the 156.00 resistance and the 20-SMA in four-hour charts. If it manages to rise clear above 1256.00, the outlook would look brighter for the pound. The next resistance stands at 156.40.
If GBP/JPY is unable to regain 156.00 it will keep the cross in a bearish channel. A close below 155.00 should expose the weekly low at 154.62. Below the next support stands at 154.40.
GBP/JPY 4-hour chart
|Today last price||155.83|
|Today Daily Change||0.70|
|Today Daily Change %||0.45|
|Today daily open||155.13|
|Previous Daily High||156.02|
|Previous Daily Low||154.67|
|Previous Weekly High||157.77|
|Previous Weekly Low||155.71|
|Previous Monthly High||158.22|
|Previous Monthly Low||149.23|
|Daily Fibonacci 38.2%||155.19|
|Daily Fibonacci 61.8%||155.51|
|Daily Pivot Point S1||154.52|
|Daily Pivot Point S2||153.92|
|Daily Pivot Point S3||153.17|
|Daily Pivot Point R1||155.88|
|Daily Pivot Point R2||156.63|
|Daily Pivot Point R3||157.23|
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