GBP/JPY Price Analysis: Sellers attack two-week-old support around 151.50
- GBP/JPY remains pressured around short-term key support zone.
- Sustained trading below 200-SMA, downbeat RSI favor sellers.
- Bulls require 153.50 break out to retake controls.
GBP/JPY takes offers around 151.55, down 0.15% intraday, as bears jostle with fortnight-old support during Wednesday’s Asian session.
With the pair’s failures to stay beyond 61.8% Fibonacci retracement of the early July’s downtrend, not to forget sustained trading below 200-SMA, GBP/JPY sellers are likely to keep the reins.
However, a clear downside break of 151.50 becomes necessary for the pair’s downside towards July 08 swing low near 150.65.
Following that, the 150.00 threshold and the last month’s bottom surrounding 148.50 should return to the chart.
Alternatively, 61.8% Fibonacci retracement and the recent high, respectively around 152.00 and 152.20, guard the quote’s immediate recovery moves ahead of 200-SMA near 152.60.
If at all the GBP/JPY prices remain firm beyond 152.60, a monthly horizontal area near 153.50 will be a tough nut to crack for the bulls.
GBP/JPY: Four-hour chart
Trend: Further weakness expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
