GBP/JPY technical analysis: Rebounds to 23.6% Fibo./descending channel confluence hurdle

  • The GBP/JPY cross stalled its recent bearish trajectory and staged a modest rebound from multi-month lows, snapping three consecutive days of losing streak.
  • The recovery helped the cross to defend a support marked by the lower end of a short-term descending trend-channel held over the past three trading sessions.

The top end of the mentioned trend-channel coincides with 23.6% Fibonacci retracement level of the 138.33-136.48 recent slide, which should now act as a key pivotal point for short-term traders and supporting prospects for any further recovery.

Meanwhile, technical indicators on the 1-hourly chart have managed to recover from the negative territory but maintained their bearish bias on 4-hourly/daily charts, warranting some caution before placing any aggressive bullish bets. 

Hence, it would be prudent to wait for a sustained move beyond the mentioned confluence hurdle, above which the cross seems all set to accelerate the up-move further towards another confluence resistance near the 137.40-45 region.

The said hurdle comprises of 100-hour SMA and 50% Fibonacci retracement level and might keep a lid on any subsequent up-move ahead of Tuesday’s second vote for the Tory leadership and growing fears of a no-deal Brexit

GBP/JPY 1-hourly chart


Today last price 136.8
Today Daily Change 0.14
Today Daily Change % 0.10
Today daily open 136.66
Daily SMA20 138.14
Daily SMA50 141.86
Daily SMA100 143.45
Daily SMA200 143.95
Previous Daily High 137.44
Previous Daily Low 136.51
Previous Weekly High 138.33
Previous Weekly Low 136.51
Previous Monthly High 146.52
Previous Monthly Low 136.63
Daily Fibonacci 38.2% 136.87
Daily Fibonacci 61.8% 137.08
Daily Pivot Point S1 136.3
Daily Pivot Point S2 135.94
Daily Pivot Point S3 135.37
Daily Pivot Point R1 137.23
Daily Pivot Point R2 137.8
Daily Pivot Point R3 138.16



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD remains depressed but off daily lows

The EUR/USD pair is recovering from a daily low of 1.1216, although holding in negative territory for the day. US preliminary Michigan Consumer Sentiment Index improved by less-than-anticipated in July, coming in at 98.4 vs. the 98.5 expected.


GBP/USD trading marginally lower daily basis but above 1.2500

The Pound gave back some of its Thursday’s gain on dollar’s relief. The GBP/USD pair broke a daily descendant trend line coming from June’s high and holds above it, leaving little room for sellers to act.


USD/JPY: bears pausing, still in control

Japanese National Inflation steady at 0.7%YoY in June. US Michigan Consumer Sentiment Index expected at 98.5 in July. USD/JPY corrective advance falling short of signaling an interim bottom in place.


Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more