• 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

gbpjpy

GBP/JPY

Overview
Today last price 155.83
Today Daily Change 0.70
Today Daily Change % 0.45
Today daily open 155.13
 
Trends
Daily SMA20 155.57
Daily SMA50 152.96
Daily SMA100 152.67
Daily SMA200 151.7
 
Levels
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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