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GBPJPY formed a double bottom around 161 and showed a minor pullback. Pound sterling holds above 1.2200 level ahead of UK GDP. Markets expect the UK economy to contract by 0.2% compared to 0.80% previous. Any close above 1.2300 confirms further bullishness.r lost its shine on the strong yen. US dollar tumbled sharply against all majors especially Pound sterling preventing the pair from further downside. Technically in the 4-hour chart, the pair is holding below short-term 21-EMA, 55 EMA, and long-term 200 EMA (163.316). Any violation above 162.80 takes to the next level 163.65/164. GBPJPY hits an intraday low of 161.68 and is currently trading around 162.13.
The near-term support is around 161.50, a breach below targets 161/160/159.
Indicators (4-hour chart)
CCI (50) – Neutral
ADX- Bearish
It is good to sell on rallies around 162.50-55 with SL around 163.65 for TP of 160.
