GBP/JPY stuck cycling in the 138.00 zone as market sentiment awaits trade talks

Guppy trading into the high end as market sentiment builds on trade talks hope.
Brexit remains a key cloud over the Sterling, pending the UK's next parliamentary vote on agreement.

Joshua Gibson FXStreet

GBP/JPY has stabilized near 138.50, trading in the middle heading into the mid-week as market sentiment hangs in the balance.

Broader markets are awaiting results and announcements from US-China vice-minister-level trade talks, which are extending into a third straight day this week, as investors pin their hopes on improved trade conditions between the two countries to help blow off some of the current pressure built into market sentiment thanks to trade war rhetoric.

Brexit continues to hang off of the Sterling like a dead weight, but divorce proceedings have ground to a standstill pending a parliamentary vote for the UK's current divorce bill, but broader risk appetite remains on the upside, sending the GBP steadily higher against the safe haven Yen in the run-up to results from major trade talks.

GBP/JPY Technical Levels

GBP/JPY

Overview:
    Today Last Price: 138.58
    Today Daily change: 23 pips
    Today Daily change %: 0.166%
    Today Daily Open: 138.35
Trends:
    Previous Daily SMA20: 140.37
    Previous Daily SMA50: 143.42
    Previous Daily SMA100: 144.76
    Previous Daily SMA200: 145.99
Levels:
    Previous Daily High: 139.45
    Previous Daily Low: 137.98
    Previous Weekly High: 140.89
    Previous Weekly Low: 131.79
    Previous Monthly High: 145.52
    Previous Monthly Low: 138.86
    Previous Daily Fibonacci 38.2%: 138.54
    Previous Daily Fibonacci 61.8%: 138.89
    Previous Daily Pivot Point S1: 137.74
    Previous Daily Pivot Point S2: 137.12
    Previous Daily Pivot Point S3: 136.27
    Previous Daily Pivot Point R1: 139.21
    Previous Daily Pivot Point R2: 140.06
    Previous Daily Pivot Point R3: 140.68

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD drops below 1.1600 on broad USD strength

EUR/USD stays under bearish pressure and trades at a fresh six-week low below 1.1600 on Tuesday. Despite stronger-than-forecast inflation data from the Eurozone, the pair struggles to stage a rebound as the US Dollar continues to attract safe haven flows amid escalating geopolitical tensions in the Middle East.

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold drops below $5,200 on stronger USD, rallying US yields

Gold attracts some intraday selling and falls below $5,200 on Tuesday. The US Dollar climbs to a fresh high since January 20 and turns out to be a key factor exerting downward pressure on the commodity. Meanwhile, the benchmark 10-year US Treasury bond yield rises nearly 2% on the day, putting additional weight on XAU/USD's shoulders.

Crypto Today: Bitcoin, Ethereum, XRP pull back as sentiment remains in extreme market fear

The cryptocurrency market is broadly in the red on Tuesday as the Middle East grapples with an escalating war. Bitcoin (BTC) is in a pullback, trading below $67,000 at the time of writing, and most altcoins follow suit.

Middle East conflict ramps up a gear as energy price spike rips through markets

It’s another risk off day as geopolitical headwinds continue to batter financial markets. Although markets calmed during the US session and US stocks managed to post gains on Monday, this has not fed through to the European session, and stocks and bonds are sharply lower for a second day.

Hyperliquid Price Forecast: HYPE rises on commodities demand amid US-Iran war

Hyperliquid (HYPE) steadies above $33 at press time on Tuesday, marking its fourth consecutive day of recovery in a broadly volatile market due to the ongoing US-Israel strikes on Iran.