GBP/JPY stuck to 136.00 as recovery runs out of steam

The Guppy is struggling to hold onto the key 136.00 level as bearish pressure continues to build.
Thursday's bullish push looks set to run out of momentum heading into the week's end.

Joshua Gibson FXStreet

GBP/JPY is trading into 136.00, strung out at the major technical level after Thursday's drop into 131.51 saw a recovery bounce into 1.13680, but the Sterling is struggling to maintain positive momentum, and the Guppy is beginning to sink back into downside territory.

Market confidence in the GBP remains tethered to Brexit developments, and with no immediate good news expected, the Pound is left to waffle against the safe-haven Yen, with trepidatious markets keeping one foot firmly planted in the risk-off currency as global growth continue to mark in evidence of a steepening slowdown, and investors await a fresh round of bearish headlines to knock them back into sell positions.

GBP/JPY Technical Levels

GBP/JPY

Overview:
    Today Last Price: 135.9
    Today Daily change: 4.0 pips
    Today Daily change %: 0.0294%
    Today Daily Open: 135.86
Trends:
    Previous Daily SMA20: 140.98
    Previous Daily SMA50: 143.73
    Previous Daily SMA100: 144.85
    Previous Daily SMA200: 146.15
Levels:
    Previous Daily High: 137.64
    Previous Daily Low: 131.79
    Previous Weekly High: 141.04
    Previous Weekly Low: 138.86
    Previous Monthly High: 145.52
    Previous Monthly Low: 138.86
    Previous Daily Fibonacci 38.2%: 134.02
    Previous Daily Fibonacci 61.8%: 135.4
    Previous Daily Pivot Point S1: 132.56
    Previous Daily Pivot Point S2: 129.25
    Previous Daily Pivot Point S3: 126.71
    Previous Daily Pivot Point R1: 138.4
    Previous Daily Pivot Point R2: 140.94
    Previous Daily Pivot Point R3: 144.25

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.

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