- The recent Brexit optimism continues to underpin the British Pound.
- Bulls remain in full control near multi-week tops, above mid-134.00s.
The GBP/JPY cross continued gaining positive traction for the fifth consecutive session on Friday - also marking its seventh day of strong positive move in the previous eight - and climbed to fresh multi-week tops in the last hour.
The overnight bounce from 50% Fibo. level of the 137.80-126.54 downfall and a subsequent close above the 133.00 handle was seen as a key trigger for bullish traders and prompted some strong follow-through buying on Friday.
This coupled with the fact that the cross has now broken through 61.8% Fibo. level resistance support prospects for an extension of the recent recovery move from multi-year lows amid receding fears of a no-deal Brexit on Oct. 31.
From current levels, the cross might now aim towards surpassing the key 135.00 psychological mark and test its next major hurdle near mid-135.00 (100-day SMA), though near-term overbought conditions might keep a lid on any runaway rally.
On the flip side, the 134.00 round figure mark now seems to protect the immediate downside, which if broken might trigger some profit-taking move and accelerate the slide further towards mid-133.00s (61.8% Fibo. level).
GBP/JPY daily chart
|Today last price||134.46|
|Today Daily Change||1.16|
|Today Daily Change %||0.87|
|Today daily open||133.3|
|Previous Daily High||133.65|
|Previous Daily Low||132.17|
|Previous Weekly High||132.19|
|Previous Weekly Low||126.67|
|Previous Monthly High||132.56|
|Previous Monthly Low||126.54|
|Daily Fibonacci 38.2%||133.08|
|Daily Fibonacci 61.8%||132.73|
|Daily Pivot Point S1||132.43|
|Daily Pivot Point S2||131.56|
|Daily Pivot Point S3||130.95|
|Daily Pivot Point R1||133.91|
|Daily Pivot Point R2||134.52|
|Daily Pivot Point R3||135.39|
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