Gains some follow-through traction and adds to the overnight modest uptick.
Sustained move beyond 200-hour SMA needed to confirm any bullish bias.
The GBP/JPY cross to gain some follow-through traction for the second consecutive session on Thursday and recover further from one-month lows set earlier this week. Bulls, however, struggled to capitalize positive momentum and the uptick stalled near a resistance marked by the top end of a three-week-old descending trend-channel.
The mentioned hurdle coincides with 23.6% Fibonacci level of the 135.75-130.43 recent leg down, which should now act as a key pivotal point for short-term traders. This is closely followed by 200-hour SMA resistance near the 131.90 region, which if cleared will pave the way for a further near-term appreciating move.
Meanwhile, technical indicators on the 1-hourly chart have been gaining bullish traction over the past 24-hours but are yet to catch up on 4-hourly/daily charts. Hence, it will be prudent to wait for a sustained break through the mentioned barrier before positioning for a move towards 38.2% Fibo. level around the 132.40-45 region.
On the flip side, the 130.80 horizontal zone now seems to protect the immediate downside, which if broken might accelerate the fall towards the key 130.00 psychological mark.
GBP/JPY 1-hourly chart
|Today last price||131.45|
|Today Daily Change||0.26|
|Today Daily Change %||0.20|
|Today daily open||131.19|
|Previous Daily High||131.83|
|Previous Daily Low||130.64|
|Previous Weekly High||133.36|
|Previous Weekly Low||131.28|
|Previous Monthly High||135.75|
|Previous Monthly Low||126.67|
|Daily Fibonacci 38.2%||131.38|
|Daily Fibonacci 61.8%||131.1|
|Daily Pivot Point S1||130.61|
|Daily Pivot Point S2||130.03|
|Daily Pivot Point S3||129.42|
|Daily Pivot Point R1||131.8|
|Daily Pivot Point R2||132.41|
|Daily Pivot Point R3||132.99|
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