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FxWirePro: GBP/JPY shows see-saw movement on Brexit deal hope, good to buy on dips

GBP/JPY was trading highly volatile yesterday on Brexit headlines kept coming. GBPUSD has shown 150 pips movement both on higher and lower side. GBP recovered sharply after hitting low of 146.32 level. The cabinet has approved the Brexit deal but fears that the DUP will reject the Brexit deal draft is putting pressure on GBP at higher levels.Brexit optimism is supporting prices of Pound sterling. The pair hits intraday high of 147.92 and shown a minor decline from that level. It is currently trading around 147.79.

 

On the higher side, near term resistance is around 148.72 (76.4% fibo) and any break above targets 149.50/149.70.

 

The near term support is around 147.70 (38.2% fib) and any break below targets 147.23 (200- day MA)/146.51/146.

 

It is good to buy on dips around 147.25-30 with SL around 146.30 for the TP of 149.48.

 

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