GBP/JPY Technical Analysis: Intraday positive momentum fails ahead of 200-hour SMA, no-deal vote in focus

Haresh Menghani FXStreet

• Despite the overnight sharp swings, the cross showed remarkable resilience below the key 145.00 psychological mark and 61.8% Fibonacci retracement level of the 143.72-147.78 recent upsurge.

• The cross managed to regain positive traction on Wednesday and climbed further beyond the 146.00 handle, albeit the positive momentum seemed to have run out of steam ahead of 200-hour SMA.

• Technical indicators on the daily chart maintained their bullish bias and have again started gaining positive traction on hourly charts, supporting prospects for an extension of the intraday up-move.

• However, it would be prudent to wait for a sustained move beyond the mentioned hurdle before traders start positioning for a move beyond the 147.00 mark, towards retesting the 147.70 supply zone.

GBP/JPY 1-hourly chart

GBP/JPY

Overview:
    Today Last Price: 146.2
    Today Daily change: 63 pips
    Today Daily change %: 0.43%
    Today Daily Open: 145.57
Trends:
    Daily SMA20: 145.34
    Daily SMA50: 142.83
    Daily SMA100: 143.43
    Daily SMA200: 144.66
Levels:
    Previous Daily High: 147.81
    Previous Daily Low: 144.58
    Previous Weekly High: 148.47
    Previous Weekly Low: 144.31
    Previous Monthly High: 148.28
    Previous Monthly Low: 141.01
    Daily Fibonacci 38.2%: 145.81
    Daily Fibonacci 61.8%: 146.57
    Daily Pivot Point S1: 144.16
    Daily Pivot Point S2: 142.76
    Daily Pivot Point S3: 140.94
    Daily Pivot Point R1: 147.39
    Daily Pivot Point R2: 149.21
    Daily Pivot Point R3: 150.62

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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